Sino Agro Food Inc (fka SIAF)

[RealDutch]

The answer is somewhere in here but I don't know how to interpret this.

In Fiscal Year 2018, Tri-way’s existing farms (comprising Aqua-Farm 1 to 3 and 7 other contracted open dam farms) managed to generate sales revenues just on $100 m from the production of 12,300 MT of mixed fish and MWP at averaged gross profit margin of 29% netting over $14 million that is not including Aqua-farm 4 & 5.

Let's do it like this. We expected close to $3M in profit from TRW in Q4. Which would bring the total for the year to $10.1M. For TRW that would be $27.6M (10.1 / .366) which is very close to the $29M gross profit from the quote.

Which would also mean (7.1 - 3) / 0.366 = $11M higher asset valuation at TRW. I was already expecting something like this to happen, for AF3.