Was the drop compared to 2nd quarter 08?First half 08, BLY had...

Was the drop compared to 2nd quarter 08?
First half 08, BLY had EBITDA of $223million and NPAT of $112 million. Even if they drop by 50% for first half that would still be EBITDA (for half) over $100 million and NPAT over $50 million. Given that the company said in early July that it is "highly confident that it is in full compliance with financing covenants" which include EBITDA/Interest expense of 3.0 and net debt/EBITDA of 3.75
This would indicate that EBITDA is atleast likely to be above $100m and NPAT over $50 million. The company also stated in May that EBITDA had improved every month since December. (theres no reason to believe this trend hasn't continued since May).
So on full year basis this would indicate NPAT over $100 million. Based on current market cap of less then $400 million thats a PE of less then 4, and EPS around 5c or more. Both are far in excess of consensus estimates which haven't generally been updated for some time.