A lot better than many were expecting probably. If they can operate on a loss of $120m with all the disruption they will be back to profit in no time.
Printable View
Does mean they lost $494m in second half of year (before abnormals)
I could be reading this wrong, but earnings before other significant items and taxation as at half year was $198m
Impacts of Covid really only started to come through in mid march (a bit over 3 months out from end of Financial year).
So they went from say 260 ish (estimated) Earnings before other significant items and taxation as at around mid March, to a $120m loss... so in just over 3 and a bit months, a loss of nearly $400m (before significant items and taxation) was made... that is the way i see it anyway.
How anyone could be happy with losing over $100m a month (and this likely to continue for the rest of the year, before maybe recovering to $50m a month average loss for all of next year)
This announcement is something that would be required before a capital raise. I read that as a capital raise being imminent.
The thing investors need to understand is that in FY21 they will have four heavily disrupted quarters. Anyone thinking a trans-tasman bubble is coming soon must be living under a rock in the last few days.
So they made $198m before tax for the first half and who knows what they made in January and February 2020, probably something but are now set to lose $120m, so losses are at the very least $100m a month in the last quarter and that's after the $70m Govt wage subsidy and before a whole heap of extraordinary items.
Be careful folks, I believe a MASSIVE CAPITAL RAISE IS IMMINENT.
I just went off page 9 mate. http://nzx-prod-s7fsd7f98s.s3-websit...043/317643.pdf
That trend shown there is something people thinking about investing should keep in mind.