The bad news
The impairments which has plague the company over the last few years has been a huge disappointment for shareholders. I guess the good news is that the impairment in the property division is done and there is possibly one more impairment for the mining services division. Hopefully the $22million provision for the problems associated with 333 George St and ANSTO will be enough to cover any losses. Lastly, the slowdown in high rise residential construction will likely lead to low industry growth and shrinking margins as more builders compete for a shrinking work pool.
The good news
The market has mostly priced in all the bad news and effectively valuing the business at zero.
That's the way I see it.
http://chasingvalue.com.au/
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