Ann: Appendix 4C - December 2016 Quarter, page-113

I am now busy going through all the important points from the various pages of the report.

I'll post them all here with my thoughts on them later today.

However there are 3 I'd like to highlight and ask others to think about in the meantime and what they really mean (or are trying to say to us)

P3 "In this context, Syntonic received customer receipts of A$18K in the December quarter"

I know in oil & gas stuff revenue is delayed, ie its 30 days after the end of the month before you get paid for oil & 60 days for nat gas. They've used the words customer receipts instead of revenue, so are they only talking about the money they've actual got in there hands by 31st December, or the revenue earned for the whole quarter?

Would be great to get clarity on that from IR would it not? for those who get responses

P1 "successfully lowered its incremental end-user acquisition costs by 60%"
P4 "Syntonic improved its user acquisition cost this quarter by 43%"

How are they so different? doesn't make sense to me

P4 "Consumer demand for Freeway in Indonesia and Malaysia remain strong with nearly a 6x quarterly increase in app downloads. Syntonic is developing a robust consumer base for data rewards that will transition to sponsored data offers once Tata Communications deploys the white-labelled Syntonic Connected Services Platform across regional carriers.

I'm really not sure what they mean by this, transition is move across, so we're going to move them to sponsored data offers later !!! so what are they on now? are they deliberately just breaking even with this group to grow the data base & hence no revenue is being generated from them as rewards match costs? Hence the reason there is just A$18K

LOTM