If I am reading correctly the profit for 2013 is down $465,000.
The net assets are down $6,350,000.
The reason is the dividend is $13,413,000 which, after allowing for net proceeds from issuing of ordinary shares of $46,000, is $6,441,000 more than the profit of $6,926,000.
This means that the dividend is not supported by the profit.
Revenue is up $6,063,000 which indicates, when compared to the reduction in profit, that competition is forcing profit margins to be reduced.
This is exactly what the information I received predicted.
Not looking good.
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