I admit to holding IHG and am not trying to ramp, the comment below is from the 1/2 Year accounts, surely the 1 off in deferred tax and balance sheet transparency aren't a bad thing and shouldn't cause such a fall?
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Revenue from ordinary activities rose by 44 % from A$ 16.2 to A$ 23.3 million. The loss before tax amounts to A$ 7,4 million, compared to a loss of A$ 8,4 million as per half-year 2002. The income tax expense for the half-year 2003
amounts to A$ 7,9 million, resulting in a net loss after tax for the period of A$ 15,3 million.
The significant tax expense reported in this half-year 2003 is the result of a the decision taken by Intellect's board to fully write down the companies' cumulative Deferred Tax assets, in accordance with Accounting Standard AASB 1020, in order to increase transparency of the balance sheet.
IHG
intellect holdings limited
