Rex's HY23
results are out.
An after-tax loss of $16.5m for the six months to 31 December 2022, off of $340m in revenue.
The accompanying media release bangs on about the negative impact of the $22.7m mark-to-market (fair value) loss incurred as part of the PAG convertible notes transaction (Note 12 to the P&L). What the media release doesn't address is the fernangled $14.7m "gain" that they booked against the NJE acquisition (Note 13). According to Rex, NJE has a book value of $77.645m; on the basis that the acquisition cost was $48.18m, Rex are booking half the difference (Rex are only half-owners of NJE) as a gain.