Ann: Appendix 4C - Quarterly and Progress Update , page-3

re: Ann: Appendix 4C - Quarterly and Progress... Interesting observation 1C per stubby, assuming the contract brewing to the likes of Matsos makes a good profit, sales to Woolies must be below cost ?
OR.
The $8+ million capital works expenses ($20+ for the year) part funded by cash flow will not show as profit but will raise the profit per carton to around $6.00.
My reading of the financials may be a bit dim so I would like to see some more homework from the brighter boys.