The half year release dated 29 March 2010 on page 8 has an income statement for 31 Jan 2010 that shows an operating result of -$35.5M. The operating result appears to be an EBIT.
The new guidance issued today is for "...a net operating profit (excluding non-operating items) of between $55M and $65M." Unfortunately, even within one release, Nufarm uses inconsistent terminology. By net operating profit do they mean what shows on page 8 as operating result, or do they mean the profit/loss for the period, which includes interest and income taxes?
It seems to me they might be backing out one-time items, but it's really not clear due to the constant terminology shifts.
How is it they are managing to run any operating profit at all, given the steep operating losses they reported for H1 2010? Does the H1 2010 loss reflect non cash losses from write downs of inventory that will not repeat during H2 2010, or have conditions in any way improved?
NUF Price at posting:
$5.24 Sentiment: Hold Disclosure: Held
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