We are all speculating the reasons for holding up here, my thoughts are the delay is from ASHRA.
Since we already have Financial Close, which could means that the lender (IDB) has signed, but the guarantor (ASHRA) as in most government agencies is still deciding on which pen and ink pad to use.
To put things in prospective, IC project will yield us gross profit of around $36m - $50m over 2 years (assuming 15-20% margin) that would average $18m - $25m per year.
SPS would give us the same yield if we could achieve $65m - $85m sales per year where our gross margin is at 30-40%. If we are able to win the $147m rural wastewater project at Hubei as what @jhewitson and @ywtoh had posted, we will be there.
We are all speculating the reasons for holding up here, my...
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