Ann: NTC Investor Update Presentation , page-10

So MM, if TLS pay NTC in US$ that mostly removes the exchange rate risk from net profitabily. It would mearly reduce the revenue figure in A$ terms and that doesn't explain their down-turn at all.

Meanwhile, the strong A$ would be helping profitability on their local sales nicely (by far the next biggest after TLS). The export ones are still tiny so again, no justification there IMO.

BTW - How do you know that TLS do pay in US$? Is that just a guess? Why would TLS want to buy from a fellow Aussie in US$, and expose themselves to the complication of exchange rate risk?

I'll stick with what I've said in previous posts. It does look as though the market is doing that too.

Unless management changes here, this outfit will probably always repeat their cycles IMO. Great wins and then they blow it all on hopeless dreams.

S