Yup. Big overreaction.
Costs are leading.
Revenues are lagging - exacerbated in this case by revenue recognition happening when the shipment arrives at a customer. And shipping times to the west coast of USA potentially taking a few weeks.
Transitioning to a doubling in production, 800 to 1500MT/annum, during Q4 plays havoc here. Costs take a huge step up and hits first. The much larger revenue lags. I’m not finding the Q4 numbers at all surprising.
Did anyone see management flagging an increase in capacity to 3500MT+ by end of FY20?
FY 2019 Profit Forecast, page-24
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