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.