They include mobile subscribers as active customers.
I decided to run some numbers.
If the current conditions continue, their gross profit for the year will reduce from $80m to $75m.
That is not such a bad result BUT they are also spending an extra $10m on marketing.
Similar story with what the company refers to as 'variable costs'.
The result of my calculations is that the Profit after marketing and variable costs reduces from $46m to $22m. It was $32m in FY17.
This is a disaster of an announcement.
Good luck receiving that 13c a year dividend this year.
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