I was just doing some late night reading of GYG's historical annual reports and noticed this perplexing quote in their FY23 Annual Report (Note 9)
"USA operations - There were $4,845,000 of tax losses relating to the USA operations. These have not been recognised as in the opinion of
the directors there is insufficient likelihood that taxable profits will be generated in the USA to recover the tax losses."
Noticed that the comment has been removed from their FY24 annual report, post lPO (probably wouldn't look good to the new retail investors?)... the directors opinion back in 2023 (pre-IPO) certainly doesn't bode well for their US growth outlook on which a large part of their current astronomical valuation is surely factoring in?...
Morningstars Analysis of GYG and IPO price, page-183
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