Did some digging in this report yesterday, I have to admit my decision to jump in was too inconsiderate and it is indeed a lessons learnt to me. Anyway, dumped all shares today (circa 20% of total trading vol with $450 loss lol what a joke)
To help the others have a better understanding of this scum and fraud company, please be aware don't be fooled by the misleading summary page in the financial report, in particular:
- when they claim they achieved 21m USD in NPAT, don't believe it! Their calculation is very dodgy, they shifted heaps expense to investment so while you see a pretty NPAT in the first page, you will soon find their cash on hand actually reduced by 7m - what a joke smart ass.
- if you dig into the report, you will find jokes everywhere, reduced commission from 30% to 20%, labour cost increased substantially, and the list goes on and on, nothing in there is of shareholders interest and they just gave away money like its never theirs, oh I forgot, it's actually ours, of course.
with the dishonest financial report, dodgy calculation methodology I've never seen, 2 consecutive years of big profits, and at the same time the total cash on hand reduced from 59m to 21m, I concluded this company is an absolute scum - stay away!
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