Ann: ITL Strong Profit Growth Continues in First , page-4

re: Ann: ITL Strong Profit Growth Continues i... I would not count on the Australian dollar returning to those levels - the US and Europeans have been and may still Quantitive Ease (ie. Print money) - this will devalue the Euro and USD relative the AUD.

On the ITL front I would say I am concerned by the 21% fall in Revenue even though I am pleased by the increase in NPAT. Bill Mobs in the boardroom radio interview has stated that most of the revenue fall has been due to issues in Malaysia and this indeed looks the case as profit has risen despite a large contraction in revenue.

The big question is will we see further contraction there or growth in the higher margin divisions.

Mobs states that they are continuing to pay down debt and should be debt free by June this year - that's in 4 months time. At the same time the buyback is tighening the capital structure - I think that once they are debt-free and have completed the buyback they may start to look at paying a dividend again - after all Mobs owns more then 20% of the company and I don't see him selling into the buyback - he will collect a good share of the profits via dividends post debt cleanup and buyback.