We should not read too much into the way (behavioural part) he is answering questions. I think what he is trying to say is that CCL enters into yearly contractual arrangements and these shipments need to be delivered in an year. And it might happen that a shipment may not be released on 30th September but got released on 1st October instead and therefore revenue not booked in the previous quarter and will be booked in next quarter. Hence he is trying to emphasis that it is not an actual de-growth and one should look at annual numbers rather than QoQ comparisons (be it previous Qtr. or last years same Qtr.)
That is the way I may read it. Using the word ‘may’ as I am not invested in CCL and therefore might not seriously dig into the reasons behind the numbers. Just offering a view point.
Regards.
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