By: Alen Revenue +34% Cost of sales +35.1% (inline with the revenue growth) Profit after tax +24.8% (income tax increased) Borrowing +11.9% to 15,413k Operating cashflow +22.6% Cash at end of year 51,666k (more than enough to cover borrowing) EPS +18.9% to 3.78 cents NAV 22cents Gross Profit margin 32.1% Profit margin and revenue growth remained impressive, but the mild EPS growth might explain the stock de-rating. In general, I would consider this to be a good result. As they secure more train projects, and if the cost remain under control, we might see faster growth in coming years. Read more...