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21:32
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Originally posted by mac 4218:
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At first glance the company appears to be doing quite well, so why would management desire to bolster the actual pre tax profit of $133.1m to $256.9m, reflecting an eps of 31 cents by capitalising future tax benefits of $123.7m (from accumulated losses) as current profit and including it as an asset in the Balance Sheet? Had the operating profit of $133.1m been taxable, normalised eps would have been about 10 cents.
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Thankyou Mac for being astute in your research.Smoke and Mirrors, wondered why their P/E so low, explains it all. Also director selling leaves a few questions about the future.
