Ann: Watpac Limited Full Year Results - Press Rel, page-2

re: Ann: Watpac Limited Full Year Results - P... More spin.

What I read was:

-Underlying profit of $15.3m
-This follows from our February guidance of "AT LEAST" $20.2m
-This result was 25% below our MINIMUM guidance.
-This represents a ROE of 5% which is unacceptable, so we will wipe of $60m from our equity, so next year when we deliver the same profit, it will represent a ROE of 6%, which is not as bad.
-The statutory loss is $50m after a before tax impairment of $93m. Which I might add, as we've become famous for, was outside our guidance range of $60-$90m.

The remuneration report is unacceptable to me. Heads still high in the clouds. I'm thinking of gifting a 1000 shares each to the neighbourhood, that way it won't be 8% or 10% of shareholders registering a "no" vote, it'll be 90% of shareholders with a resounding "NO". A shareholder not bothering to vote means a YES to these loonies - I feel sorry for their partners already.