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I would worry about the variable costs. It is a costs line in...

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    I would worry about the variable costs. It is a costs line in their presentations. Christmas also happened last year. Why mention them if there isn't a problem? The increase in costs is material to the result even if it is just for one quarter ==> at least $2.5m.  


    The analysts advising their fund to sell are obvously seeing what I am seeing. Proper forecasts by market participants is for a disaster of half, if not year, hence the selling. 
 
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