I don’t think that the quarterly report provides enough information to really analyse the performance and make any informed decisions.
In the accounts at the end of the financial year they will be able to record the joint venture profit and also all the revenue and profit from the sales to the distributors.
It would be good to know a little more about how the joint venture agreement works in North America. Is the joint venture profit based on gross sales or net profit.
Ann: Beam Quarterly Report - Further Growth in Cash Position, page-26
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