IDL- What's the Catch?

A while ago, I would falling over myself to get in. 

Consider this statistics:

IDL is trading at 1.5 Price Earning (P/E) Ratio

15% Dividend.

Sure it is creeping forward, but I just can't understand the masive sellers under 10 cents.

Update on Half Year Results to 31 December 2008

• First half Adjusted net profit after tax* $24.65 million – up 106% on prior comparative period.
  
• Impairment on Customer Contract, $17.18 million, recognised in first half reflecting previously announced termination of Handlebar Hill contract.
  
• Reported Net Profit $3.7 million (2007: $9.5 million), inclusive of non-cash amortisation and impairment charges.
• Confirms Adjusted NPAT* guidance range for FY2009 of $42 - $47 million.

In the course of finalising the audit review of half-year results to 31 December 2008, Industrea Limited has become aware that the half-year result is likely to be materially different from the prior comparative period.

Full disclosure and commentary on the half-year result will be released in due course however, in accordance with the continuous disclosure requirements of Listing Rule 3.1, the company is providing this market update.

Industrea is expecting to report an adjusted net profit after tax* for the half of $24.65 million, up 106% on the prior comparative period. The increase in adjusted net profit after tax* reflects improved financial results across Industrea’s businesses and the inclusion of trading results from the Huddy’s Mining Services business for the full period (2 months trading in the prior comparative period).

Reported net profit after tax for the period, of $3.7 million, is inclusive of a non-cash impairment charge on customer contract intangible assets, of $17.18 million. The impairment has arisen from the termination of the Handlebar Hill Open Cut contract, advised to the market on 14 January 2009 and, in consultation with the company’s auditors, is expected to be recognised in the first half results.

The first half result is in line with directors expectations and the company reaffirms its full year guidance for FY2009 of adjusted net profit after tax* in a range of $42 - $47 million.

* Net profit after tax prior to non-cash accounting adjustments to recognise the amortisation and impairment of customer contract intangible assets and the equity component of convertible bonds.