confusing

The royalty tax is 17 mill.At 20% this gives a pre tax profit of 85 mill.
Full development costs will have been allowed by the NZ govt(26 mill for PPP share)
Normal accounting practice will be to amortise this over say 7 years so this will put on an extra 17 mill onto the pre tax profit bringing it to 102 million.
Financial accs will look much better.
Big surprise is income tax.
Royalty liabilities went up 7 mill (presume pretax profit of 35 mill for the quarter)@20%
Income tax (which is paid quarterly)and was not listed as an obligation last quarter jumped by 22 million.
On pretax profit of 102 mill 22 is more likely to be the income tax for the whole year and some of this should have been paid any way.
IF assumptions are correct will give us post tax eps of 10.7 ccents(profit 63 miil)which is less than the 12c I had hoped for but still doesnt justify a price of only 24c
For a change the person who wrote the report is not in the office