Santos: Interim result 2016

This was an awful result that suggests Santos isn't in the clear yet.

We knew a poor result was coming and, at least in that respect, Santos didn’t disappoint, announcing an underlying loss of US$5m. Even that flattered the true outcome.

If we accept that US$1.5bn of impairments, mostly to the troubled GLNG project, are one-offs, surely the near US$500m tax benefit recognised over the period is too. Making those adjustments, the pre-tax loss widened to almost US$90m.

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