Sino Agro Food Inc (fka SIAF)

[RealDutch]

They made $19M gross from eels in 2014. Only $5M from prawns. The reason for that was, prawns was all resale (15% margin).

$24/kg sale price. You can't make $19M on eels just from FF1. Unless you rotate every 3 months and have a very large supply from the open dams. And this stuff makes me wonder. What can they do once they have the RAS open dams up and running.

Yes, consultancy was good for PF1 and PF2. I think the cattle farms was as high as 80% gross margin. Obviously you can't make that much from a bigger project like the MegaFarm.

The rest can be explained by cattle prices coming down. Also, margins on imports were much higher in 2014.