Ann: Appendix 4E - 30 June 2014, page-5

I'm sure they do see it as a great future market. However, from the view of a short term upside for profits it should not be forgotten that even if they achieved break even in Brazil in FY14 it would have 'added' a not inconsequential 10.3% to profit before income tax. Glad to see the 2nd half loss was well down on first half. Also to be remembered that the revenues from Brazil are approx one third of the US revenues.
With the POR kept very low I noted that NIBD was reduced substantially (down from $6.675ml 6 months ago to $4.659ml and that retained earnings increased 9.6% in the last 6 months.