re: Ann: Update on asset revaluations and fin... yeah i'm not...

re: Ann: Update on asset revaluations and fin...
yeah i'm not too sure thinkingloudly, but they lost $A 140m in the first half, and full year loss will be in excess of $A 320m which means they lost $A 180m in the second half.

at an exchange rate of 1 AUD = 0.65 USD, it means they lost $US 120m in the second half.

now $70m of that is property, which means at least $50m CRE given that they would have had positive operating income.

it's a shame they don't reveal their true state of affairs.

i'm sick of them announcing one writedown after the next. if the cre loans expire next year, why don't they just wait and try to get face value for them, instead of selling them at ridiculous discounts.

i'm sure the underlying assets aren't impaired, its just they've been caught up in the contagion from CDOs.