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Discounting any spin on the Rangers accounts - 167m will need to be knocked off any 'profit'
Rangers accounts will require careful reading.
The accounts for 13 months to June 2013 will benefit from the non recurring items already declared in the interim results. It is therefore conceivable that RIFC could report a profit before tax in the accounts about to be published.
However this will be entirely due to the £20.465m 'profit' created by revaluing the brand and properties on the balance sheet which was shown in the interim accounts. There were also £3.7m of non recurring expenses recorded in the interim results giving net non-recurring credits of £16.7m
Therefore, whatever the headline profit reported, the underlying result will be £16.7m worse and that does not include costs incurred in relation to fund raising which don't go through the profit and loss account and were £4.373m in the interim accounts.
There may be other non recurring costs in the period January to June 2013 but we will need to wait and see.
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