On the surface the numbers were unexciting with revenue down 17% to US$82.2mn and net profit down 33% to US$43.8mn. But a closer look at the numbers and the commentary during the presentation reveals that Jaya has crossed an operational turning point and could be entering a period of sustained earnings growth.
Let’s look at some of the numbers:
a) look at page 17 of the presentation slides – it shows that between 2012 and 2011, EBITDA fell 37.8%. But if we exclude gain on vessel sales and ...
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