If that was the issue, a stock like BRN would be in huge trouble (vis-a-vis burning cash). BRN doesn't even earn much! Not apples to apples I know but HT8 is in a much better position compared to many but still goes nowhere or backwards...
Not saying you're wrong, just trying to work out what's going on.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-14
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