Tough job analysing real estate development company income statement because its property sales revenue and cost have a high duration mismatch. For instance, this company seems to have incurred major cost in year 2011 while sales were low resulting to a loss before tax of KES 285M. However, in year 2012, the company recorded higher sales and lower cost resulting to a profit before tax of KES 258M. In year 2013, …. (very difficult to forecast) .... an information memorandum could have given us past 5 years performance, 1H 2013 performance and most likely a projection of 2H 2013 performance