After reading up on the AR, I find a few interesting points: Information about major customers (p88): “In the current financial year, revenue from two major customers amounted to $77 million (2012: $89 million) arising from sales by the aluminium segment and $25 million (2012: $11 million) arising from sales by the aluminium and mild steel segment respectively” Its quite obvious 77 million come from carrier (pure aluminium business), and 25 million come from HDB (Both aluminium and mildsteel). Orders from HDB increase, which is what they have been saying, but orders from carrier is falling, or they are being futher squeezed. Under corporate governance p18: “Dependence on relationship with a major customer A major customer accounts for a substantial portion of our revenue. We are therefore dependent, to certain extent, on this major customer, as any cancellation of its sales and purchases would have an impact on our operations. ......