Another big leg down in profit by CAB. NPAT has steadily and...

Another big leg down in profit by CAB.
NPAT has steadily and reliably dropped each year from $56M in 2014 to $21M in 2017. Earnings don't come close to covering the dividend anymore.
The qld and minor states 5% cap will drop another $9.6M of revenue in Fy18 (last slide of .ppt) and if you assume Uber take up rate stays steady which is probably reasonable given they have only just started at some airports and are still on every CBD street cnr handing out first free rides, they will lose another $100M of rides or $5M in revenue.
So even if you assume no taxis leave the system and the extra advertising expenditure is covered by yellow cabs, they are headed for single digit $M profit in FY18.
Still on track to be sub $1 this time next year.