Thanks for posting.Based on their preso for 1H-23, staff costs +...

Thanks for posting.
Based on their preso for 1H-23, staff costs + operating costs $2.8m for the 6 months, vs. funds mgmt revenue of $4.1m (page 14).
Though I am a bit baffled how they got to $4.1M?? As they break down their funds mgmt fees from TOT and TCF in the same slide deck, and I only calculated $2m of recurring fees per ANNUM ($1m per 6 months), plus whatever they skim of HCP (which I wouldn't think is more than 0.60% mgmt), and they have not disclosed in the report.

Jumping in to the full financial report... there is a little note 16,
"TOT’s acquisition of the 3 commercial investment properties, 360 Capital FM Limited,
the responsible entity of the Fund, a wholly owned subsidiary of the Group, charged an acquisition fee of $2,571,500"

So turns out 60% of their reported management fees are 'one off' in nature. I wonder how the TOT shareholders feel about this fee, in light of the performance of the share price since they made this purchase? Though, it doesn't matter TOT is TOT, and we are talking TGP.

However, given the scale of their distributions received from their $180M or so of investments.... I think it's fair to factor in distributions + mgmt fees less employee/operating costs to provide the operating profit, as they present it.... And on this basis, they are clearly profitable, even without any possibility of acquisition fees or performance from TOT for the next 3 years....