This is short qualitative analysis.
1) The acquisition of the 3 Goh entities cause a drag on a otherwise would be decent recent. Q4 Gross profits would have been better, the 3 entities are loss making.
They restated the FY 2017 to include the 3 entities for apple to apple comparison, but looking at past reports would let u see the results much clearer. The 3 entities are loss making in Q4 but overall makw close to 20 mio profits in the whole year.
Without the 3, Silverlake would have a rather glowing report card, showing growth of it SBB services and one of the strongest quarter for the year and also YOY.
The margin has improved as project liscening and delivery of contracts have improve margin. The gestation period, finally seem to be over.
I have bought back what I sold off earlier at 48….