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22/02/15
12:25
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Originally posted by Westwind
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I would not be getting too excited about the 2014 annual results. As indicated in the Dec Quarterly, it looks like 2014 cash flow is about $2.7m in the red. NPAT will probably be in the range of a loss of $1-2m, depending on how they handle the approximately $0.5m in investments. I had previously thought we might see a small profit this year.
The bright spot was the billings for the last quarter, but they will not show up in the 2014 results.
In regard to the share price run, I think people are starting to realise (thanks to comments from Jaluma and TheBigM) that the Thai portal purchase has been way over hyped. You just don't buy a genuine number 1 property portal in a relatively developed Asian country these days for $8m. Maybe if you add another zero?
I still have faith in the company long term but I think the one-up-manship between IPP and Propertyguru has got a bit out of hand.
Regards
Westwind
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Apologies in above post, I was only referring to operating activities and should have included the abnormal write downs declared in the first half of $8.8m, leading to the full 2014 result of a loss of $10.73m