Trouble is, without knowing what has happened at the Investment...

Trouble is, without knowing what has happened at the Investment Gains/Losses line, it is impossible to discern the quality of the NPAT numbers provided in this update.

But I guess the 3.0c dividend is one way to gauge the underlying result: assuming they are paying out 100% of earnings (which would not be out of the realms of probability), it implies around $4.7m underlying NPAT in the second-half. (Recall there was a $2.7m Investment Loss booked in the first-half)

$4.7m underlying NPAT was a little light-on, for mine.
I expected a number closer to $6.5m-$7.0m.

But the corporate advice revenues are lumpy and I sense there were transactions pencilled in to land in the June quarter, which didn't quite make it. Of course, provided the deals in question aren't canned totally, it means that the current financial period has a decent head start.

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