News $320k profit for financial year ending 31 October 2018

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Magus

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#2
After taking into account depreciation and a series of one-time and restructuring costs, the club incurred a loss of $987,321 which was mitigated by a revaluation gain of $4,166,586 on its land and buildings, resulting in Port Adelaide Football Club reporting a Total Comprehensive Income of $3,179,265, increasing the net asset position of the club to $7,211,142 (up from $4,031,876 as at 31 October 2017).

I'm not smart enough to know if this is a good thing or not.
 

spookism

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#3
After taking into account depreciation and a series of one-time and restructuring costs, the club incurred a loss of $987,321 which was mitigated by a revaluation gain of $4,166,586 on its land and buildings, resulting in Port Adelaide Football Club reporting a Total Comprehensive Income of $3,179,265, increasing the net asset position of the club to $7,211,142 (up from $4,031,876 as at 31 October 2017).

I'm not smart enough to know if this is a good thing or not.
I think its a cursed frozen yogurt thing
 
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#5
After taking into account depreciation and a series of one-time and restructuring costs, the club incurred a loss of $987,321 which was mitigated by a revaluation gain of $4,166,586 on its land and buildings, resulting in Port Adelaide Football Club reporting a Total Comprehensive Income of $3,179,265, increasing the net asset position of the club to $7,211,142 (up from $4,031,876 as at 31 October 2017).

I'm not smart enough to know if this is a good thing or not.
Me neither...but...it's not going to be good.

We lost almost a million bucks but decided our land is worth lots of money.
 
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#8
I don't know much about money, but increasing the paper worth of your land as an asset isn't really important unless you plan on selling it. (i suppose it might get you cheaper finance?) One off costs seem to occur every year! meh. Better get a major sponsor.
 

Doctor Feel

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#9
If I could be bothered I'd compare our spending on good things (I.e staff, investments, football etc.) Vs. Last year.

It's possible we just tightened the belt to hold onto a profit. However last year we reported a profit post depreciation. This year we posted a post depreciation loss. So we're likely worse off than last year in terms of revenue but cbf checking. REH will do that.
 

Portwon

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#11
Irrespective of the accountant doublespeak and what it actually means from the 35 accountants on the board I think we are (or should be) a better organisation than one that makes a concious decision to release results on the Friday before Christmas.
 

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JimmyBeerCans

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#12
Irrespective of the accountant doublespeak and what it actually means from the 35 accountants on the board I think we are (or should be) a better organisation than one that makes a concious decision to release results on the Friday before Christmas.
I couldn't give flying **** if Santa released the financials while giving Rudolph a hand job.
 

Tibbs

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#17
C'mon people its not rocket science! They announced 2 points of interest ..
1] a net profit from continuing operations of $322,013.
Revenue from continuing operations increased by $1.093m, but profit from continuing operations decreased by $677,000 due to increased "football department spend"
This is what we are interested in, income from "operations" versus expenses. resulting in Port making a $322k profit. The fact that it was reduced to this amount because of increased football expenses is fine!

Then next is all the necessary accounting hocus pocus ...
2] Depreciation, a series of one-time restructuring costs, a revaluation on land and buildings, overall profit ... blah, blah, bah

I am really focused on operating profits, ie; the profits made from our core business - Football! I was expecting us to make a loss, after the joint major debacle & failure to make finals. Impressed I am!
 
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MitchIn3D

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#19
This guy is so obviously a troll, and I have the facts to prove it!

Anyone worth their salt would know that the article was reported at 5:30pm, not 6pm.

What an idiot.
 

Doctor Feel

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#25
a net profit is surprising, considering no joint major sponsor, crowds less than what was predicted and a slight loss on the China game.... how is a profit possible this year?
It's really a loss. We've just gone ahead and taken a leaf out of the crows book and reported the pre-depreciation figures to spin it as a profit.

Past two years we reported it post-depreciation. This year we have reported it pre. It's accounting bullshit designed to lead people who don't know better to the conclusion that all is well.
 
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