Best World

[Boon]

So what is correct figure for China Export in 1Q2018 ? It starts to get "messy"

http://bestworld.listedcompany.com/newsr...VUEC.1.pdf
 
The Board of Directors (the “Board”) of Best World International Limited (“the Company” and together with its subsidiaries, the “Group”) refers to the 1Q2018 results released by the Group on 14 May 2018 and wishes to inform that there is a classification error on the revenue by business segments and the reclassified information is presented as follows:
1Q2018:
Export = 6,219,000
http://bestworld.listedcompany.com/newsr...CCQH.1.pdf
 
1Q2018 = 7,980,000
 
page 13:
“In line with the last results announcement, the Group took its first step in converting the Export segment into the new segment of China Wholesale in 1Q2018. During the transition, some stock keeping units (SKU) of the Group’s brands were imported into China with the Group’s subsidiary Best World (China) Pharmaceutical (BWCP), replacing the previous agent as the new sole importing agent. As these exports are through the Group’s subsidiary BWCP, no export revenue or profit can be recognized until such point that the products are sold to BWL Experience Centres.
Taking the above into consideration and because the Export Agent had already received their inventory for 1H2018 in 4Q2017, technically, no Export should be required for 1Q2018. However, due to strong market demand in 1Q2018 resulting in stock shortages for some SKUs on the Agent’s side, $8.0 million of Export were still required in 1Q2018. “

1Q2018: (SGD)
Total Export Revenue = 6.219 m  ( and not 7.980 m as wrongly reported )
China Revenue = 6.809 m
China (Manufacturing /Wholesale) = 0.804 m
China Export = 6.809 – 0.804 = 6.005 m (implied)
Implied Myanmar Export = 6.219 – 6.005 = 0.214 m
 
In China, there is no DS revenue, only Export revenue and “M/W” revenue.  How could DS revevue ( in other markets other than China and Myanmar” be “wrongly classified” with “Export Revenue ( from China plus Myanmar) in the first place. Geographically, there are different markets.
 
Even if Total Export = 7.980 m were NOT a mistake, it would still be a mistake in arriving at a China Export figure of 8 million, as Total China revenue (Export + M/W) is only 6.809 m
 
Does the management know what they are doing?