Analysts forecast Mayne's net profit before one-off items will rise to about A$128 million for the year ended June 30 from A$115.6 million in the year to June 1997.

Forecasts ranged from A$124 million to A$138 million with most estimates pegged between A$127 million and A$130 million. Analysts said Mayne's international transport units, UK-based Parceline and Interlink and Canadian operations Loomis Express and Loomis Armoured, should improve because of the weaker Australian dollar. But the group's domestic freight operations were likely to feel the effects of the weakening Australian economy.

``Health care should show reasonable profit growth but we expect it won't be as good as last year because of some hospitals that were commissioned in the second half,'' said a Sydney-basedanalyst who asked not to be named.

The analyst said Mayne's health care business was earmarked as the growth engine for the group and more of the benefits of the company's expansion into health would begin to flow through in the 1999-2000 financial year.

Shaw Stockbrokings analyst Brent Mitchell, who predicts a net profit of A$133.8 million, said the key focus for investors remained Mayne's 25 per cent stake in Australia's second largest telecommunications group, Optus Communications Pty Ltd.

Mayne has aimed to offload its Optus stake since early 1996 but plans for a float have been variously frustrated by litigation, the merger of Optus with its pay television arm Optus Vision and unfavourable market conditions.

Mayne shareholders are expected to get entitlements to Optus shares if the company sells its 25 per cent in a float rather than through its other stated option of a trade sale.

Analysts said the longer the sale was delayed the less time Mayne's management had to concentrate on the group'score operations.

``The thing with Mayne's share price is it's dependent a bit on the announcement on Optus. Initially when the Optus result came out (on August 31) everyone thought it's going to mean an early float but that has dissipated a bit over the last week and as a result Mayne has pulled back below A$9.00,'' Mitchell said.

Analysts place a wide range of valuations on Optus and estimates of the worth of Mayne's 25 per cent interest vary from about A$1.25 billion to as high as A$2.25 billion.

Analysts said there was some speculation that Mayne may announce on Tuesday it had sold its Australian Express freight businesses, IPEC and Jetsroad.