Could be ok but they are playing financial reporting games. To...

Could be ok but they are playing financial reporting games. To really understand the profitability of the business, EBITDA is meaningless, particularly with PNC as PDP's are amortised. Reporting on EBIT for PNC is certainly way short of the mark as interest expense is such a significant aspect of this business. It's not like they don't know what the interest expense is. Give us an NPAT estimate or at least a NPBT. Tricky reporting metrics are all nice but ultimately its how much money the business is making - and that is by reporting NPAT.