rough calcs and projections, page-9

Hi Son2976,

Out of curiosity, why did u use eps before tax?

Actual eps (after tax) per the 1/2 yearly was 15.6 cents, although this would have been 20 cents were it not for the prior period adjustment due to the manner in whcih they recognise revenue.

Prod'n for the 2nd half year is expected to be 10% greater to meet guidance, so expect revenues to be 180M in the second half of the year and probably eps of around 25 cents. So year on year looking at 45 cents per share in my book, assuming that pon stays the same. Every 10% increase will add 18M to the bottom line, so if pon goes up by 10% then eps for the half could increase to 30 cents. This of course assumes that costs remain the same.

Hence I am looking at 25-30 cents for the second half, giving a full year eps of 45-50.