Originally Posted by
logansi
Fundamentals are better, they ave written off the deferred tax asset, it's just about making next year look better,
Excluding those items, underlying profit was $110 million, up from last year's $4 million loss, and the strongest result since 2008
Except the only reason that you can write off a deferred tax asset is if Management do not believe that they will have sufficient future taxable profits to utilise the tax asset. So, no matter how Management dress this up, their view MUST (under accounting rules) be that they aren't profitable in the medium to long-term; what is more the auditors must agree with this following a review of their future financial projections.