Postmanpat.1H11 compared to 2H10. Sales + 1.6%PBT -11%NPAT...

Postmanpat.

1H11 compared to 2H10.

Sales + 1.6%

PBT -11%

NPAT -18%

NPAT comparison is affected by CST now paying close to a 30% tax rate, however PBT is still down compared to 2H10. Expenses were definitely higher in some areas.

@Blackswan mine too, I'm using RR of 14% and assuming NPAT for FY11 of $10m (probably generous) and I get a value of about $1.80.

Looking on the positive side, the AUD is bound to tank one day and CST will reap the rewards no doubt.