Reported Earnings • Aug 20
Second quarter 2026 earnings released: EPS: RM0.002 (vs RM0.013 in 2Q 2025) Second quarter 2026 results: EPS: RM0.002 (down from RM0.013 in 2Q 2025). Revenue: RM7.60m (down 1.8% from 2Q 2025). Net income: RM104.0k (down 88% from 2Q 2025). Profit margin: 1.4% (down from 11% in 2Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. New Risk • May 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Market cap is less than US$10m (RM26.4m market cap, or US$6.66m). Minor Risk Large one-off items impacting financial results. Reported Earnings • May 22
First quarter 2026 earnings released: RM0.01 loss per share (vs RM0.03 loss in 1Q 2025) First quarter 2026 results: RM0.01 loss per share (improved from RM0.03 loss in 1Q 2025). Revenue: RM6.59m (down 10% from 1Q 2025). Net loss: RM632.0k (loss narrowed 68% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. お知らせ • Apr 29
Arka Berhad, Annual General Meeting, Jun 22, 2026 Arka Berhad, Annual General Meeting, Jun 22, 2026, at 10:00 Singapore Standard Time. Location: dewan bungaraya, level 2, wp hotel, 362, jalan tuanku abdul rahman, 50100 kuala lumpur, Malaysia New Risk • Mar 31
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RM40.2m (US$9.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: RM0.011 (vs RM0.11 loss in FY 2024) Full year 2025 results: EPS: RM0.011 (up from RM0.11 loss in FY 2024). Revenue: RM32.4m (up 2.3% from FY 2024). Net income: RM691.0k (up RM7.70m from FY 2024). Profit margin: 2.1% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. New Risk • Jan 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RM40.2m (US$9.92m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (RM40.2m market cap, or US$9.92m). Reported Earnings • Nov 29
Third quarter 2025 earnings released: EPS: RM0.001 (vs RM0.032 loss in 3Q 2024) Third quarter 2025 results: EPS: RM0.001 (up from RM0.032 loss in 3Q 2024). Revenue: RM8.35m (up 9.9% from 3Q 2024). Net income: RM79.0k (up RM2.17m from 3Q 2024). Profit margin: 0.9% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. New Risk • Oct 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RM40.9m (US$9.71m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 17% per year over the past 5 years. Market cap is less than US$10m (RM40.9m market cap, or US$9.71m). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Reported Earnings • Aug 29
Second quarter 2025 earnings released: EPS: RM0.013 (vs RM0.027 loss in 2Q 2024) Second quarter 2025 results: EPS: RM0.013 (up from RM0.027 loss in 2Q 2024). Revenue: RM7.74m (down 1.6% from 2Q 2024). Net income: RM879.0k (up RM2.63m from 2Q 2024). Profit margin: 11% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. New Risk • Jun 03
New major risk - Revenue and earnings growth Earnings have declined by 4.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 4.7% per year over the past 5 years. Minor Risk Market cap is less than US$100m (RM80.6m market cap, or US$18.9m). Reported Earnings • Jun 03
First quarter 2025 earnings released: RM0.03 loss per share (vs RM0.011 loss in 1Q 2024) First quarter 2025 results: RM0.03 loss per share (further deteriorated from RM0.011 loss in 1Q 2024). Revenue: RM7.35m (down 17% from 1Q 2024). Net loss: RM1.94m (loss widened 180% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. お知らせ • Apr 29
Arka Berhad, Annual General Meeting, Jun 04, 2025 Arka Berhad, Annual General Meeting, Jun 04, 2025, at 10:00 Singapore Standard Time. Location: dewan bungaraya, level 2, wp hotel, 362, jalan tuanku abdul rahman, 50100 kuala lumpur, Malaysia Reported Earnings • Feb 28
Full year 2024 earnings released: RM0.11 loss per share (vs RM0.018 loss in FY 2023) Full year 2024 results: RM0.11 loss per share (further deteriorated from RM0.018 loss in FY 2023). Revenue: RM31.8m (down 18% from FY 2023). Net loss: RM7.18m (loss widened RM6.03m from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 27
Third quarter 2024 earnings released: RM0.032 loss per share (vs RM0.002 profit in 3Q 2023) Third quarter 2024 results: RM0.032 loss per share (down from RM0.002 profit in 3Q 2023). Revenue: RM7.59m (down 25% from 3Q 2023). Net loss: RM2.09m (down RM2.25m from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 29
Second quarter 2024 earnings released: RM0.027 loss per share (vs RM0.005 loss in 2Q 2023) Second quarter 2024 results: RM0.027 loss per share (further deteriorated from RM0.005 loss in 2Q 2023). Revenue: RM7.86m (down 11% from 2Q 2023). Net loss: RM1.75m (loss widened 388% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 18% per year. New Risk • Jul 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Malaysian stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Market cap is less than US$100m (RM141.9m market cap, or US$30.3m). Reported Earnings • Jun 04
First quarter 2024 earnings released: RM0.011 loss per share (vs RM0.004 profit in 1Q 2023) First quarter 2024 results: RM0.011 loss per share (down from RM0.004 profit in 1Q 2023). Revenue: RM8.90m (up 5.8% from 1Q 2023). Net loss: RM694.0k (down 340% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 28
Full year 2023 earnings released: RM0.018 loss per share (vs RM0.027 profit in FY 2022) Full year 2023 results: RM0.018 loss per share (down from RM0.027 profit in FY 2022). Revenue: RM38.3m (up 33% from FY 2022). Net loss: RM1.15m (down 166% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. New Risk • Feb 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (RM104.2m market cap, or US$21.8m). Buy Or Sell Opportunity • Feb 05
Now 30% overvalued The stock has been flat over the last 90 days, currently trading at RM1.74. The fair value is estimated to be RM1.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jan 19
Now 21% overvalued Over the last 90 days, the stock has fallen 8.6% to RM1.60. The fair value is estimated to be RM1.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 29
Third quarter 2023 earnings released: EPS: RM0.002 (vs RM0.009 in 3Q 2022) Third quarter 2023 results: EPS: RM0.002 (down from RM0.009 in 3Q 2022). Revenue: RM10.1m (up 23% from 3Q 2022). Net income: RM158.0k (down 73% from 3Q 2022). Profit margin: 1.6% (down from 7.3% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Board Change • Oct 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. MD & Director Ibrahim Bin Mohd Nadzmi is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 23
Second quarter 2023 earnings released: RM0.005 loss per share (vs RM0.003 profit in 2Q 2022) Second quarter 2023 results: RM0.005 loss per share (down from RM0.003 profit in 2Q 2022). Revenue: RM8.86m (up 45% from 2Q 2022). Net loss: RM358.0k (down 264% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 25
First quarter 2023 earnings released: EPS: RM0.004 (vs RM0.009 in 1Q 2022) First quarter 2023 results: EPS: RM0.004 (down from RM0.009 in 1Q 2022). Revenue: RM8.41m (up 16% from 1Q 2022). Net income: RM289.0k (down 49% from 1Q 2022). Profit margin: 3.4% (down from 7.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RM2.11, the stock trades at a trailing P/E ratio of 79.4x. Average trailing P/E is 68x in the Logistics industry in Malaysia. Total returns to shareholders of 322% over the past three years. Buying Opportunity • Apr 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be RM2.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Apr 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Independent Non-Executive Director Kok Woo is the most experienced director on the board, commencing their role in 2011. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 7.9%. The fair value is estimated to be RM2.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Mar 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.4%. The fair value is estimated to be RM2.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: RM0.027 (vs RM0.028 in FY 2021) Full year 2022 results: EPS: RM0.027. Revenue: RM28.9m (up 28% from FY 2021). Net income: RM1.73m (up 26% from FY 2021). Profit margin: 6.0% (down from 6.1% in FY 2021). The decrease in margin was driven by higher expenses. お知らせ • Feb 03
Transocean Holdings Bhd. Announces Appointment of Chung Chee Khuen as Chief Financial Office Transocean Holdings Bhd. announced appointment of MR CHUNG CHEE KHUEN as Chief Financial Officer. date of change is February 3, 2023. Age is 54. Qualifications includes Chartered Accountant from Malaysian Institute of Accountants. Mr. Chung has more than 29 years of work experience with extensive audit, financial, management knowledge and skills in various industry. He was the Group Financial Controller for 3Cnergy Limited and his most recent position in the Company was Group Chief Executive Officer. Reported Earnings • Nov 23
Third quarter 2022 earnings released: EPS: RM0.009 (vs RM0.004 loss in 3Q 2021) Third quarter 2022 results: EPS: RM0.009 (up from RM0.004 loss in 3Q 2021). Revenue: RM8.17m (up 43% from 3Q 2021). Net income: RM595.0k (up RM866.0k from 3Q 2021). Profit margin: 7.3% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: RM0.003 (vs RM0.002 in 2Q 2021) Second quarter 2022 results: EPS: RM0.003 (up from RM0.002 in 2Q 2021). Revenue: RM6.11m (up 29% from 2Q 2021). Net income: RM218.0k (up 221% from 2Q 2021). Profit margin: 3.6% (up from 1.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year whereas the company’s share price has increased by 54% per year. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 16% share price gain to RM2.29, the stock trades at a trailing P/E ratio of 78.9x. Average trailing P/E is 13x in the Logistics industry in Malaysia. Total returns to shareholders of 288% over the past three years. Reported Earnings • May 27
First quarter 2022 earnings released: EPS: RM0.009 (vs RM0.001 in 1Q 2021) First quarter 2022 results: EPS: RM0.009 (up from RM0.001 in 1Q 2021). Revenue: RM7.25m (up 59% from 1Q 2021). Net income: RM566.0k (up RM517.0k from 1Q 2021). Profit margin: 7.8% (up from 1.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. お知らせ • May 02
Transocean Holdings Bhd., Annual General Meeting, Jun 02, 2022 Transocean Holdings Bhd., Annual General Meeting, Jun 02, 2022, at 10:00 Singapore Standard Time. Location: Dewan Bungaraya, Level 2, WP Hotel, 362, Jalan Tuanku Abdul Rahman, 50100 Kuala Lumpur Malaysia Agenda: To consider receive the audited financial statements for the financial year ended December 31, 2021 together with the reports of the directors and auditors thereon; to approve the payment of directors' fee amounting to Ringgit Malaysia One Hundred and Thirteen Thousand (MYR 113,000.00) only for the financial year ended December 31, 2021; to approve the payment of benefits payable to the directors of the company up to an amount of Ringgit Malaysia Thirty Thousand (MYR 20,000.00) only for the period from the conclusion of this AGM until the next AGM of the company pursuant to Section 230(1) (b) of the Companies Act 2016; to re-elect the following directors who are due to retire in accordance with the company's constitution and being eligible, offer themselves for re-election:- En. Muhammad Adib Bin Ariffin and YBhg. Dato' Syed Budriz Putra; and to consider other matters. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: RM0.022 (up from RM0.069 loss in FY 2020). Revenue: RM22.4m (up 32% from FY 2020). Net income: RM1.42m (up RM4.24m from FY 2020). Profit margin: 6.3% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Reported Earnings • Nov 25
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: RM0.004 loss per share (down from RM0.002 profit in 3Q 2020). Revenue: RM5.70m (up 25% from 3Q 2020). Net loss: RM271.0k (down 398% from profit in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 81% per year, which means it is well ahead of earnings. Executive Departure • Sep 07
Joint Secretary Sook Fun Thum has left the company On the 30th of August, Sook Fun Thum's tenure as Joint Secretary ended. We don't have any record of a personal shareholding under Sook Fun's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 1.42 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 07
Executive Chairman & MD Mohd bin Mohd Salleh has left the company On the 30th of August, Mohd bin Mohd Salleh's tenure as Executive Chairman & MD of the company ended after 11.9 years in the role. We don't have any record of a personal shareholding under Mohd's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 1.42 years, which is considered inexperienced in the Simply Wall St Risk Model. Under Mohd's leadership, the company delivered a total shareholder return of 433%. Reported Earnings • Sep 01
Second quarter 2021 earnings released: EPS RM0.002 (vs RM0.01 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RM4.74m (up 33% from 2Q 2020). Net income: RM68.0k (up RM472.0k from 2Q 2020). Profit margin: 1.4% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 87% per year, which means it is well ahead of earnings. Reported Earnings • May 30
First quarter 2021 earnings released: EPS RM0.001 (vs RM0.004 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: RM4.56m (up 7.9% from 1Q 2020). Net income: RM49.0k (up RM223.0k from 1Q 2020). Profit margin: 1.1% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 98% per year, which means it is well ahead of earnings. お知らせ • Apr 27
Transocean Holdings Berhad has completed a Follow-on Equity Offering in the amount of MYR 4.427784 million. Transocean Holdings Berhad has completed a Follow-on Equity Offering in the amount of MYR 4.427784 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,099,800
Price\Range: MYR 1.08
Transaction Features: Subsequent Direct Listing Reported Earnings • Apr 02
Full year 2020 earnings released: RM0.069 loss per share (vs RM0.14 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: RM17.0m (down 15% from FY 2019). Net loss: RM2.83m (loss narrowed 50% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 15
New 90-day high: RM1.11 The company is up 139% from its price of RM0.47 on 17 November 2020. The Malaysian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: RM0.80 The company is up 60% from its price of RM0.50 on 08 September 2020. The Malaysian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 37% over the same period. Reported Earnings • Nov 26
Third quarter 2020 earnings released: EPS RM0.002 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: RM4.56m (flat on 3Q 2019). Net income: RM91.0k (up RM561.0k from 3Q 2019). Profit margin: 2.0% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 73% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings.