Boy, that's a clanger. FY2019 Profit expectation of $120m to...

Boy, that's a clanger.

FY2019 Profit expectation of $120m to $130m (its a Dec. year-end company), compared to FY2018's $191m and analyst expectations which would have been closer to the $150m - $160m level.

That's what you get when volumes fall in a business that has a large fixed cost base.

Based not just on this result, but on some of the other early results, as well as management utterances, I suspect this is going to be the toughest reporting season for Australian companies for many years.