Ah it's all based on definitions - whether you're talking about...

Ah it's all based on definitions - whether you're talking about normalised profitability or statutory profitability. It is a however a good point and raises the question of what the 'average management team' would typically do. I don't see FRM's comments as particularly deceitful relative to the promotional nature of so many other management teams on the ASX. It is nonetheless slightly disappointing that they did not comment more specifically on normalised profitability and this omission somewhat diminishes their credibility.