||[Feb. 12th, 2009|02:21 pm]
My artist friend who now lives in Katoomba in the Blue Mountains called me while I was shopping at Mr. Druitt. Here's his blog with some examples of his art..
Charcoal and Light (BlogSpot)
Some of the paintings I photographed on my Nokia phone and appear elsewhere in this journal. The sketches never photographed well so were never reproduced even though I attempted to photograph them.
"I have trained and worked in visual arts for 30 years. My experience include having run three galleries, taught and exhibited. My major prize has been the Blue Mountain City Art Prize for landscape painting in 1995."
As an aside my last long contract role which lasted six months was with the "highly profitable" Stockland Listed Property Trust - which is a strange mixture of trusts and companies. Stockland is listed on the Australian Stock Exchange. I learned quite a bit about trust and property accounting while I was there. It was during my contract with Stockland that brother Alan died. I also studied and passed a subject in the Graduate Diploma of Finance and Investment on "Property Investment" which was geared towards the type of entity that Stockland is. It wasn't a bad place to work BUT it was almost impossible to get anything done without things being signed by up to 14 people and that was simply to change a simple line of code in TM1 rules.
When I was there Stockland was enjoying "record profits". I don't have any inside information but my personal view of companies such as this which base profits on periodic asset revaluation was somewhat negative. I learned something about studying the true situation regarding Company reporting during my studies in the Master of Commerce Degree and did so with some vigour. Where is Stockland right now ?
This article originally from the Sydney Morning Herald
Sydney Morning Herald - 12th Feb 2009
THE diversified property developer and investor Stockland has felt the full fury of the global financial crisis, taking a headline $726 million loss after one-off costs for the December half and warning the loss would probably be repeated for the full year.
The group, which posted a profit of $665.5 million in the last corresponding period, unveiled a 60.6 per cent fall in operating earnings, after write-downs and asset devaluations, to $127.9 million for the six months to December 31, down from $324.6 million in that period last year. Analysts were reviewing their full-year figures, which could be about 6 per cent below the 2007 results.
Citing tough economic conditions, Stockland said it had deferred all new development projects and warned of further impairments to asset values. It said it could take a $50 million hit on sales in the super lots - or land bank - of its residential business.
Citi analysts said the February reporting season coincided with the end of the first cycle of rebuilding for the sector's collective - and pummelled - balance sheet, totalling about $8 billion.
Personal note: I can sense there might be some job losse in the Stockland Group