Based on our current estimate, the distributable profit* for the first half year from 1 January 2014 to 30 June 2014 is approximately $4.3 million. This estimate is after deducting project costs of the Aquis transaction of about $440K and a net doubtful debt provision of about $260K. Therefore, on a “like for like” basis, the estimated distributable profit for the first half year 2014 is similar to that of last year.
The distributable profit for the equivalent period last year was $5 million. So pending a final result it looks like this year may just match that after adjusting for the one-off abnormals. Not a particularly good result after strong growth in 2013. It was noted that commentary from management at the recent AGM was less than effusive.
The doubtful debt provision is also interesting?