FY 2019 Profit Forecast, page-3

Thanks for the putting this together. Seems pretty accurate based on the details management have provided at this stage.

In regards to your puzzle, I'm thinking that it's likely to be a combination of:

1. The operating costs for 2H are likely to be back-ended to the Q4. 31/1 the company explains they're looking to hire 9 new staff to deal with the capacity increase ... I'm guessing likely to join the company in March/April.

2. Revenue recognition was mentioned in this forum a while back. It's recognised when the shipment arrives at the client... and going across the Pacific by ship might take a few weeks. So the month of June revenues might come in a bit understated because of this timing.

3. They've low-balled the profit forecast, and it'll come out higher.