The 20-April result won't be pretty, as a lot has gone wrong...

The 20-April result won't be pretty, as a lot has gone wrong with the company's situation since last year's result. But everyone knows that, and this is already well reflected in the large share price drop that has occurred over the period.

Of course anything is possible, especially if the management stick their collective heads in the sand and don't stay with or ahead of the competition in keeping customers (both wholesale and retail) whilst continuing to aggressively cut costs. But the likely scenario is that things would now start to stabilise and the underlying profit will show improvement in the second half of this FY, followed by a bigger reported profit improvement in FY 2011-12.

There is also a possibility of takeover/merger down the line.

So the time to get set is now or soon! I am starting to add to my holding.