I agree. Real Estate for Elders is a tough one as it does...

I agree. Real Estate for Elders is a tough one as it does provide very powerful brand equity especially in the rural communities. It is part of the "Agency Services" so short of delving into the annual Report it is hard to see what it contributes in revenue and net profit although this business segment is a big revenue generator it includes wool, livestock and grain.

Divesting Real Estate from its portfolio may not have a direct bottom line impact but it would most certainly have an indirect impact over the medium term.

My view, keep it so long as it breaks even at a minimum but also don't try and improve its profit where that may impact profit from other complimentary business segments as the customers are often the same as use more than one Elders service.

I have watched similar happen with a run on milk supply to Murray Goulburn Co-op and the collateral damage is sometimes worse than carrying a loss making business unit that provides other useful purposes.