Ann: Preliminary Final Report , page-9

Got to admit I am warming towards today's release after my initial disappointment at the reduced AUD NPAT. I think silent aprtner hit the nail on the head.

Re the M&A comment, I don't see this as a departure from their previously stated intention to build Stage 4. They have stated previously (just can't remember exactly where) that their 'cash holdings' would position them to pick up some of the strugglers in the industry (or words to that effect). Now that Mesbons blue sky is more tangible (movement into more profitiabel lines and recovering broader industry), acquisitions are an increasingly real prospect.

The flip side of the currently strong dollar, is that when the yuan does start to move, the profit growth will really take off.