A quick look at this - GND's interims last time had trading contributing around 10% of ebitda. They have offloaded this - so that will account for some losses. But the remaining 20% reduction looks bad... Not sure how they can blame industrial action, because the period under review would have been the platinum strikes - and I mean really, how much platinum can they ship? At a PE of 22, you would expect a decent gain. One thing worth looking at though, on the full year earnings, trading resulted in a R100m loss, which has now been removed - so maybe things aren't all as bad as they seem, but way too much uncertainty for me!