I'm not so sure now. Perhaps the $7.1M TRW profit in Q4 (at 36.6%) is indeed from operations.
1) 14,251,264 annual profit from TRW versus 12,010,051 a year earlier is what you would expect (with the added capacity in Yangjiang and Shenwan)
2) Q4/2017 was also a good quarter. Perhaps because it is harvesting season for the vegetables (at the Mega Farm). Close to $3.5M IIRC so all we have to do is account for another $3.6M in profit for SIAF in 2018 (Or $9.8M for TRW).
3) If they sold the Empurau in Q4 ($300/kg) then that's another $5M in sales. From just one tank.
4) Shrimp prices were very low in Q3. Perhaps they delayed sales into Q4. That could easily explain another $10M in sales in Q4.
5) I don't think they can book a revaluation as "income". If only for tax reasons (?)
So here we are. We still don't know :-)
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