However, looking at gross profit margin, seems to be having a major increase compared to last quarters, also now is the moonsoon season, would surely affect the profit, looks to be ending on a strong last quarter, looking annually seems to be a 4x increase in profit

1）Compare with annual is good because of revenue and profit has increased.

2）Compare with last year Qtr4 can be consider as good because however revenue decrease，they still able to increase they profit ，the purpose of running a business is maximize the profit.

3）Compare with qtr 3 is not a right decision because in report they already mentioned seasonal or cyclical factor- utilisation rate of the group‘s vessels is usually affected by bad weather at the begining and the end of the year. This factor has been taken into consideration in group’s annual business plan. （from qtr4，pages 6，no 4）. Plus Qtr 3 profit increase a lot because of currency and higher utilisation.

4）Compare with last year，total asset increased and total liabilities decreased

No buy sell call，plan to buy or sell please find your own finance advisor， thank you very much.