results

Net Operating Profit after WHT is 2.14 billion JPY.
If you assume 4 billion JPY for the full year, at the hedge rate of 68, that's 59 milllion AUD which is 1/3 of AJA's current market cap.

If the mgt chooses to distribute all operating profit, we could get around 11 cents rather than 7 cents. So confirming full year distribution guidance of 7 cents is a no brainer.

(The distribution hedge runs out in Feb 2011 so after that the distribution would be dependent on the spot market FX rate.)

AJA is showing 4.4 billion JPY worth of property as investment property held for sale. If that goes through around book value, debt (not gearing) would be reduced by 5%.