why is it diving, page-4

hello ric. Why dive? I do think that it is general market sentiment and the property sector is out of favour because of a few companies that are having trouble. WTP seems to be caught in the mix. Is this justified or not. I think not. I have read the half yearly reports released recently and all looks to be going well. Apparently their earnings are skewed to the 2nd half so they have not downgraded full year expectations.
Debt is the new 4 letter dirty word. (I have used a few of the old fashoned ones of late when I look at my watchlist.)The debt situation that I can see for WTP is approx $200m. A mix of current($73m) and non current($134). I am not an accountant so have only a mugs view of accounts. I also see that borrowing repayments were $25m in the half. 12% of debt. That sounds good to me. Most of the debt as I understand it is for developement sites. They will pay their way in due course if WTP keep up their form. The properties are valued at cost in their accounts as opposed to current value. I see that owning these sites is good for the future as it shows diversification from just contract building. The sites in Fortitude Valley and Newstead (both inner north Brisbane) are large and in a real go ahead part of town. There have been several other developements in the area in recent years and the demand seems high. Massive urban renewal area supported by gov.
I hope this gives you something to go on with as I hold with confidence for the future.
Comments on my ravings are welcome. I am just a mug punter who sees the WATPAC signs all the time.