it's getting serious

In present conditions, better well-managed companies in our market are opportunistically expanding to drive growth. They also regularly engage with shareholders. Any positive news maintains investor confidence.

But what does the management of CSR appear to be doing? Nothing. A company in decline. The operation is contracting, long-term performance is poor, and there is high turnover of Directors. Not good signs.

Executives will readily blame external macro events for company woes. But what about more important internal factors like management? One could seriously question their ad hoc actions, their ability to evaluate the operating environment, as well as some decisions.

I also have concerns about the significant cash surplus generated from the divestment of Sucrogen. Is it being put to productive use or is it being eroded to prop up poorly performing divisions?

Hopefully, the picture will become clearer when full year results are announced on the 16 May.

Another set of poor results should prompt investors, both institutional and retail, to consider a change in management mindset.

If performance does not improve, shareholders should ask whether upper-management can justify the corporate rewards they receive. It’s getting serious.