Solid result from FID, page-3

At face value, looking at the half-performance, the 2H UNPAT result looks a bit soft, being flat on pcp, compared to the 1H's 12% growth.

UNPAT ($m, Half-on-Half) [Change on pcp]:
DH18:   5.7
JH19:  6.3
DH19:  6.4  [+12%]
JH20:  6.3  [0%]


Following the adoption of AASB16 wef from 1 July 2019, EBITDA comparisons on prior periods become somewhat meaningless because lease expenses now get recognised below the EBITDA line.  So I don't believe that EBITDA is at all useful as a gauge of underlying operating performance this year.

So I feel the best way to assess the operating performance for a business such is FID is at the EBIT line (or in this case, because the business is not debt-funded), the Pre-Tax Profit line.

Pre-Tax Profit ($m, Half-on-Half) [Change on pcp]:
DH18:   7.9
JH19:   8.0
DH19:  8.8  [+11%]
JH20:  8.5  [+5%]


I daresay, companies that this reporting season will be able to report positive organic growth in operating earnings for the 6 months to June 2020, will be like hen's teeth.  

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