ARA Asset Management

[Boon]

In the notes, it was mentioned that the higher admin expense is due to business expansion so let's see if there are able to attract new business in the coming year.

On closer scrutiny, AE as % of total revenue should be the more appropriate measures .........which do not look that bad after all......

Administrative Expenses (AE) / Total Revenue :
FY2011 = 33.789 / 122.761 = 27.5%
FY2012 = 39.172 / 133.530 = 29.3%
FY2013 = 41.468 / 140.369 = 29.5%
FY2014 = 51.903 / 173.058 = 29.9%


(vested)