Ann: Preliminary Final Report , page-11

Looking more into operating performance for FY11: FY10

-ROA (how efficient company is at earning profit from sales/ good indicator of management performance) 5% decrease.

-Net profit margin almost identical.

-Inventory management :
Inv.turnover ratio (how many times inv. is turned over annually through sales) increased by 75%
Inv. turnover period (average inv. days held) decreased by 58%

-Fixed Asset Turnover (how efficient company is at generating sales from fixed assets) increased by 5%.

Although profits were under most forecasted, improvement in inventory control and operating efficiencies are evident and significant. I see the decrease in ROA attributable to the asset increase from the cap raisings, as well as significant investment in PP&E with more leverage. So whilst the market sells due to forecasted underperformance they are ignoring the fundamental trend of ratios that indicate a great performance.