Ann: Catlex Releases First Quarter 2018 Trading Update, page-4

"..by deduction - supply and marketing had a great quarter IMO"

But don't forget to include, in your deduction, the debut EBIT contributions from the Gull and Milemaker acquisitions (probably ~$12m EBIT contribution for the quarter, but - yes- even after adjusting for this, it was still another steady and solid quarter for Supply & Marketing.)

Of far more significance, I think, is the pending outcome (to be articulated in conjunction with the interim results announcement) of the review of "options that will allow us to best optimise the assets on our balance sheet including the Real Estate and Infrastructure assets"

(Paraphrased: "We have a massive land bank which are reflected in the company's accounts at cost, as well as significant infrastructure assets which are carried in the books at cost less accumulated depreciation. We don't think the market is accurately valuing these assets, so we are looking at ways to monetise or securitise them in order to more accurately reflect their see-through value.")