Ann: Full Year Profit Guidance, page-2

Correct me if I'm wrong - looks like the full year is worse off than the half years figures last announced? Haven't had a chance to go back through the announcements, but it seems they've gone backwards with the impairments etc.

Not great - 6 cents ffull dividend, down from a healthy 10c that once upon a time we would have been projecting forward when assessing current share price. obviously 10 c dividends a year is attractive on an 80 cent share, but the new 6cents for the full year reflect the dire economic circumstances currently.

What I find important now is a) stabilising the company from a share price pov that makes decent value/sense b) accumulating valuable sites and future projects as the upswing will come one day, and we need to be in the right areas and commence ahead of, not during the upswing. We will only repeat the current folly if we start to move to bring on supply during the eventual upswing, as obviously another 2-4 year cycle to market, sell and commence construction. I hope they do manage to begin a few more projects in the next year or two, as the 2-4 year lead cycle of some of these big projects may mean some idle stock, but hopefully they will hit the next upswing square on the head.