Ann: FY17 Results Presentation, page-12

I am pleased with these results. Based on the share price fall to near year low, I wasn't expecting the underlying profit and positive cash flow to be this good. I am okay with the dividend cut, as long as business is tracking well and the are putting money to good use to grow future profits. The 12 month outlook is not great, however I think the NBN impact is already well known and probably already factored into the current share price. I will hold my current shareholding. If I had no shares in TPM, I would buy on this result.