That could be one reason. The normal course for an OTC would be to:
--obtain cash on the open market.
--build the facilities.
--show massive loss from capital expenditure.
--sell products and book as revenue.
It appears to me that SIAF has taken a roundabout way, if not a short-cut, to its large revenue growth through its shuffling of money around among its JV partners and convoluted ownership structure of other entities.
Personally, I would gauge the company's revenue based only on tangible goods sold (prawn, fish, cattle, restaurant food, fertilizer, etc.). I would exclude any intangible sources of revenue (construction and consulting services) from the financials.
To me, this will provide a much clearer and cleaner picture of SIAF's true value now and going forward.