We have a slew of full year earnings in this 2 days. The first one to talk about is UMS.

I talked about it quite a short while ago the cyclical nature of this stock (Read here)

True to the cyclical nature, Q4 turns out to be worse than Q3.

Revenue was down 14% and Net profit was down 79% from a year ago. Short term income suffered from a higher inventory change and less revenue earned.

The full year results look much better with a more or less similar revenue from last year but net profit was down 39% from a year ago to 17 mil.

Assets was up, but that is not telling the full story as property, plant and equipment was down from 59 mil to 50 mil.

Goodwill was up from 60 mil to 81 mil. We will touch on this later.

Balance sheet shows ...