Asked Michael about the variation in cost of goods sold, he replied with this. Unfortunately due to the lack of numbers around specific products its very hard to estimate future revenue reliably, however this highlights why we had the loss on our Zoleo JV (low margins). Zoleo should improve significantly the next few years with improving margins, greater demand (particularly from the adventure tourist side) and a ramp up of production
Beam - Getting to a valuation, page-80
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