Hi all,Half yearly to have big write downs as a given but...

Hi all,

Half yearly to have big write downs as a given but remember that BPC wrote back 800m of writedowns down the track saying they were overstated.....Not a word from the journalists when the 800m were written back - now why could that be....

Look to the actual property sales that have occurred and thier % discount to book value to get a proper grip on the true writedowns today. Hedging gains or lossess can be reversed in the next half year too.

Irrepsective of writdowns the NTA after them being >$1.00 a share should make you think as should the interest cover for that 6 months being much less than the current 6 months will be given the big drop in interest rates - this change is the single biggest positive thing after the recent sales.

CER have already told market a divdend is unlikely for the first half but its a wait and see for the June half.

Personally, in the short term I hope witedowns extinguish distributale profit so that debt can be paid down furhter.

Capital writedowns are reversed down the road, if life as we know it continues ad without sales of the properties in question remain a book entry only. That is the loss is an illusion.

Blastoff