Ann: Investor Presentation, page-14

The wages and salaries and rent are likely to go up with revenue in proportion. However, the gross margin will not. Have a look at the gross margin in the previous three years. If we continue that trend of improving GM with revenue (which it should logically) then the company can be quite profitable. Use the same percentages for wages (~5% of rev) and rent (5% or rev) as 2017 for 2018 with a 15% GM and you can see the profitability. From some quick calcs, 60m revenue at 15% GM will lead to ~2 million profit whilst 30m revenue at 15% GM will be ~1 million profit