Hi JJ,
Good to see a rep here. Is your R&D treated as CAPEX or OPEX ? If it's eating into your earnings, then it's OPEX. However, it doesn't seem the case as far as I can see. It seems to be capitalized as part of intangible assets. If that's the case, i don' think you can attribute R&D to declining profit. Also, your R&D is benefiting from concessional tax treatment.
