Read the statements a bit closer. Sure, costs have gone up but as a precentage of revenue they have come down, particularly in the big ticket items of labour and materials. Simple, it's pretty hard to grow your revenue without growing costs.
The underlying result is an increase in profit, not a decrease as some are saying. The blue is in the change of accounting standards from AGAAP to AIFRS on the comparitives which has resulted in a $11.4m gain on the acquisition of a subsidiary (AMS) - see note 8 4biii - page 24. Could have been explained better as no kudos has been taken in the past for this gain.
In my mind an impressive result.
stock pick of the week., page-13
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