Ann: AHG FY14 AGM Presentation, page-2

In the AGM Presentation (page 55), it says that its Operating NPAT of the latest 4-months (Jul-Oct this year) was $24.4m, up 7.5% from $22.7m a year ago.

However, by checking its previous announcements, one can find that its total issued shares increased by 17.6% from roughly 261m to 307m in the same periods.

So, its earnings per share for the 4-m periods actually decreased (!) by 8.6% from 8.70c/s (=$22.7m/261m) to 7.95c (=$24.4m/307m).

If we multiply the latest 4-m e/s of 7.95c by 3, then we get roughly a one-year's E/S equivalent of 23.85c, which is 17.8% lower (!) than last year's 29.0 c reported.

To be honest, I reckon AHG's business is in trouble now.