Not too fussed about profit at this stage.
They are contemplating big spend in 2016 with the largest CR in its history.
SMA doesn't capitalize expenditures , rather expenses them....This will take the shine off P/L statements.
The more important issue is to maintain revenue growth & improve Gross Profit Margins....We take large upfront expenditures as investment for future profits even if it puts a dent on short term profitability.
Vested Interest & other matters, page-19
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