Guthrie GTS

[Wildreamz]

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The valuations are based on the open market value (by "professional valuers") at year end... as to whether it should be factored as part of earnings, I believe Second Chance AR kinda answers that
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If you exclude the income from fair value gains of properties, their net profit margin's from 2006 to 2012's 9.9%, 9.5%, 7.7%, 15.2%, 16.0%, 34.1%, 15.2%... Not looking at 2011 due to the one off gain, 2012's margins are consistent with the previous years.

I see now. Thank you very much.

In my opinion, while "Fair value gains in investment properties" could be considered part of earnings, I guess; some discount have to be given for future earning estimates under this section.

The current PE ratio of 6.1x doesn't look quite as attractive as it used to be.