Ann: National Project Update , page-5

Cainus, the writedowns were for property Watpac purchased back in 2006/2007, and not a loss made last FY, the company just decided to book the loss last FY. If all goes the same as last year in terms of company operations (which was pretty shonky to say the least), but is able to collect on the budgeted receivables, then WTP should make about 16 cents per share this FY, and payout a dividend of at least 12 cents per share.

Alonso, plenty of revenue and work in hand but very little of it is translating to profit. Ie. costs going up disproportionately (wage related expenses, if I remember correctly, were up about 60% last FY). The managers need to learn how to control wage expectations - and slash them to reasonable levels.

The cash you see there, cainus, is the remnants of the $170m or so that was raised from shareholders in the past five years.