why earnings 1.54cents?, page-4

Ill try to answer this as best I can.These are the factors I believe to be the biggest facts largest to smallest.
1.
FX movements. As where listed on the ASX they have to report in AUD. With a signifigant gain in the value of the AUD vs USD

This time last year the USD traded in the 60c range. It now trades in the 90c range which is a massive difference.

2.
Ex-meryns assets not leasted.
These represent a large portion of our portfolio and still incur almost as many costs when their not rented rates/management etc. We did receive some earning from these properties after Meryns bankruptcy via the liquadators. However I would think this would have run out by now. Hence earnings would have gone to Zero.

3.
Asset sales,lower rents and increased intrest.
These points don't warrent their own numbers as they are not signifigant enough to make to much difference. We have sold 5 of 6 properies this is a biggie as we have still 89 so this represented a small portion of the reduction. We also renegoiated rents at lower rates which added to lower core earnings. Almost all refinancing has cost us more then before. This is extremely oportunistic by the banks as intrest rates havn't gone up. However we need to just be happy their rolling over our debt.