"The full year 2017 gross profit was 1.2 Billion."
Yet, only made a Net Profit of $11.9m in FY17. This is partially because because it has high fixed costs.
"The expected Net profit after tax for 1H 2018 is about 40 million , net profit after tax."
They have said in their guidance that it is expected to be between $37-41m pre implementation costs and individually significant
items. (whatever "individually significant items" may be, but you can bet there will be plenty of implementation costs.) H1 FY17 the profit was $62.8m. So H1 FY18 is about a $20m reduction from H1 FY17.
They have previously said that a significant proportion of annual NPAT is generated during the second quarter. What will this do to the full year profit? - See Net Profit in FY17 above.
They have said that sales are down 3.6%. But profit (before implementation coats and individually significant items) is down about 30%.
"Online sales are rising 50% per year." Good, but off what base number? Was it profitable?
Total shareholders equity in FY17 was 1.07b. This includes 986m in intangible assets. This would not be a problem if the company was growing, but its not.
It's also worth noting that it has $460m in property, plant and equipment. But only $24m of this is actual land and freehold buildings.
They have also said that they do not have a reasonable basis to provide a specific profit range for the full year. Yes, well that is because it is likely to be a loss. So MYR currently has a market value of $369m. That is a lot of money for a company with reducing revenue, reducing profit (likely FY loss), fixed costs it is stuck with (rents), strong competition (retail) and $143m in borrowings.
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