So, GNS told you that its 2009 net profit down only 4.9% from...

So, GNS told you that its 2009 net profit down only 4.9% from last year's $59.2m to $56.2m, and its e/s only down 37% from 12.9c to 8.1c.

Correct?

But if you check its last year's report, you will find they are wrong.

In its last year's report (issued 4/9/2008, amended 5/9/2008), its 2008 profit was $64.5m, not $59.2m as it claims now, and its 2008 e/s was 14.2c, not 12.9c !

It is strange, isn't it?

But do you still remember what GNS was doing this time last year?

Capital raising, just as what it's doing now! Just on 4/9/2008, the same day of the 2008 results announcement, GTP declared "Gunns Raises $336 Million Through Institutional Entitlement" at $1.50 per share!

Wonderful! GNS told all the instos that it earned 14.2c per share in 2008, thus lured them to buy $336m shares at $1.50/s.

Now an even more wonderful thing in 2009 is that GNS has reduced the 2008 e/s by 1.3c from 14.2c to 12.9c, and transfer this 1.3c to the 2009 e/s to increase it to 8.1c and to lure all those intos again to buy new shares at $0.90 per share!

A pity! Those cleverest instos may never find out that they were fooled last year to buy GNS at $1.50 per share before they will be fooled again this week to buy at $0.90/s!

Alas!