Result is as expected. The good news is that much of the damage...

Result is as expected. The good news is that much of the damage suffered due to Qld floods is being recovered from insurance. Underlying profit outlook for FY11 is being maintained despite the impact of PBS reform & Pfizer decision. Dividedn announcement of 1c is also indicative of confidence in earnings sustainability & reovery.

I expect further improvements in the reported results, especially in FY12, from supply chain efficiencies, cost reductions, marketing/club card initiatives...(hopefully) without any further one-off writedowns.

I maintain my stance of my earlier post of 14/04/11. I believe sp bottom has been reached, and an upturn in the short-term in sp towards around 45c has commenced, followed by an expected rise towards 70c in FY12...provided no major unforeseen disasters occur. I have added more to my holding today.