Why does Austral Coal continue to trade on such a low p/e when...

Why does Austral Coal continue to trade on such a low p/e when the ceo has stated that the company will earn 13m which gives austral coal earnings p/e of 9c. this equates to a current p/e of 7.2 surely if the company is going to earn nearly double that in 2003 then it should be trading on a p/e close to 10. a p/e of 10 equates to a share price of .90c. I cant understand why they are trading at.63 i will be buying more today if they remain below .70c. Do your research. I am not a investment advisor.