Still profitable ... Mmm ... with NOPAT margin for the previous half of only 0.9% ($4.3M on $477M revenue) - I'd say barely profitable!! Even their gross EBITDA margin is only 7%! The leverage means they're far more risky as the more leverage the greater risk that asset writedowns will lead a path to insolvency.
IMO investors ignore balance sheet leverage at their peril.
CGC report, page-39
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