re: another profit upgrade! This stock is my core holding. I...

re: another profit upgrade! This stock is my core holding. I have had it since the float. This upgrade was expected however I was expecting closer to $13m. Next year will be even better. They own 56% of CP1 (CPK). The Martha Cove development alone will return CIY $53m after tax over the next 3 years starting next year in addition to their core business. I have assumed a breakdown of $8m, $15m and $30m from year 1 through to year 3. So CP1 may boost CIY's bottom line by $8m next year. The funds under management are still growing very fast so I am expecting a FY04 NPAT of $23-26m, more than double this years profit again! CP1 shares are also worth watching (same management).
I follow this Comp very closly and speak to management fairly often so I have a pretty good idea about what is going on, but do your research!