Sino Agro Food Inc (fka SIAF)

[downthehatch]

I think the explanation given by the company in the NT 10-Q doesn't add up:

The Company’s revenues generated from sale of goods decreased by approximately $47 million, or 50%, from approximately $95 million for the quarterly period ended June 30, 2016 to approximately $48 million for the same period ended June 30, 2017.

The Company’s revenues generated from project development decreased by approximately $19 million, or 100%, from $19 million for the quarterly period ended June 30, 2016 to zero for the same period ended June 30, 2017 respectively.

The overall poor performance is primarily due to the impact of large volumes of imported beef unsettling the local beef industry, which led to poor performance in the following segments: concentrated live-stock feed and deboning of the imported beef and there is no service revenue derived from consulting and services this quarter primarily due to Triway's desire not to incur any capital expenditures until such time as it will have successfully obtained sufficient debt and/or equity financing to carry out future farm development.

If one looks at the 2016 Q2 10-Q, the segment revenues from the cattle division are only about 7 million. The total revenue from the Fishery Development Division are about 48 million. Isn't the drop in revenue correctly explained by the fact that the fishery revenue is now recognized by Tri-Way, and SIAF will simply recognize its 36.6 share of the Tri-Way net profits, rather than the revenues and cost of goods sold as in the past?

I am not sure why the NT 10-Q would attribute the decline in revenues to the wrong segment, but it appears that they have done exactly that.
Anyone else have a different explanation?