Uptomistic,Your maths is not quite right.Operating earnings is...

Uptomistic,

Your maths is not quite right.

Operating earnings is seperate from NTA.

They have said operatings earnings is 15% lower, not revaluation of property (which would affect NTA).

If it was a 15% revaluation drop, it would actually affect the NTA more than 15% because of the effect of gearing.

The total assets would drop by 15%, the liabilities would remain constant, and the Net Assets would be even more reduced than 27c.

You need to look at the annual report to see what the operating earnings were for the period (They were positive to my knowledge), and thus a 15% reduction would still see the company turning an operating profit.

Just a note that Astro japan has had a 5% decline in property values for the first 1/2, and I expect a similar result for GJT.