Ann: Update on Operating Performance , page-93

At face value ASL below $1.00 looks cheap. I managed to enter at 77c and exited at 96.5 av. It's my 2nd trade in ASL in past 5 months as SP went through some huge swings despite having a decent mktcap. I exited today because i remain nervous another collapse in mkt could happen anytime. But i've said that for about 2 yrs. My current strategy is only to buy shares that are ultra cheap re FA combined with good macro. Obviously very few meet this criteria. Currently hold SWL and some TTN along with SXE. Latter well into the red. ASL could continue rising esp if AUD continues falling. I find forecasting current mkt very difficult. Look at FGE. Who could have expected anything like that? Thank God i had exited b4 collapse. WOR was far less of a surprise. As much as anything i'm trying to not lose money and will stand aside unless stk meets all my criteria. Recent company update from ASL gives holders an estimate of NPAT for FY14.