When management use the term pre individual significant item or one off costs or non cash imparements they can made the underlying profit what ever they want. The auditors dont sign off on what they say it is so they have free reigh to tell as many porkie as they please.
Just to clarify ...i am not suggesting MYR will do this, but with years of observation i have found that some management and companies have a recurring theme of no recurring items and significant items are in fact as stated and will continue as significant if the future.......but i find the most amazing tale is when a comoany pays cash for intangible items in prior years but when they work out they spent too much in future years the item magically becomes a non cash item.
MYR Price at posting:
43.0¢ Sentiment: None Disclosure: Not Held
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