"n improved trading performance and working capital management...

"n improved trading performance and working capital management resulted in operating cash flows increasing 68% to A$39m. Debt was also reduced by A$40.2m, with gearing now sitting at 10.9%. Significant items and write-downs amounting to $157m (after tax) following a review of the carrying value of goodwill led to a bottom line loss of $149.8m for 1H04. As a result BCA did not declare any dividend for the half year"

hmmmmm.....interesting times ahead. ERG is in the same boat as BCA. probably more return in ERG in the short term.