Doubt if it is a fraud Mr English seems a decent guy , however apart from the GG disaster I did not like this little gem out of today's announcement :
"Hospitality Result The Hospitality business contributed profit before tax and group overheads of $14.2 million against a previous corresponding period of $18.7 million. The hospitality result is calculated after recognising provisioning against the risk of specific aged receivables and unrecoverable rental assets of $4.8 million (before tax). The Company has elected to take additional provisioning against these exposures as part of repositioning the Australian business for strong future earnings growth under the revised management structure discussed above."
Given hospitality is the supposed bread winner I do not see it bringing home the bacon any time soon which must hurt the fundamentals ie PE results
And that they are also doing a big revamp of their computer systems seems strange given that was only done a couple of years ago from memory
SIV Price at posting:
$5.50 Sentiment: None Disclosure: Held
