Ann: 4C - Another record quarter of cashflow, page-6

A 48% increase in revenue is great, but what management did not point out is that expenses also grew at a high rate (44%) compared with the same quarter last year. There needs to be a more concerted effort to contain expenses, to grow free cash flow.
With the purchases in Honk Kong and Thailand last quarter, cash on hand has nearly halved to $6m. Still OK but if IPP wants to continue to add to its asset portfolio, without having to have diluting share issue or borrowings, it needs to carefully watch expenses and generate larger cash flows more quickly.

Regards Westwind