This business needs to cut expenditure so that it can become profitable. Maybe they should start with a reduction in executive remuneration.
It appears as though they could not obtain more debt to finance their expenditure and have resorted to a significant CR which will dilute shareholders once again unless the shareholders participate.
Automotive capital expenditure of $6m seems excessive considering the contract with Thales is for approximately $8m and the contract with the Global OEM is only for approximately 1,000 parts. It looks like a loss maker to me.
The strong US dollar should have helped QHL become profitable but it was not enough. In my opinion, they should be stating their NPAT not their operating profits, I think this is misleading.
Ouch., page-12
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