Neratel

[Clement]

I think the 3Q results were adversely impacted by foreign exchange effects due to consolidation of the results of foreign subsidiaries.

As management does not provide revenue comparisons on constant currency basis, it is difficult to quantify how much of the decline in revenue reflects reduction in business activity and how much is due to currency effects.

However, the extent of decline in new order intake in 3Q15 is a bigger worry. The group secured only $39.1 million in new order intake in the third quarter compared to $68 million in the second quarter and $57.6 million in the first quarter.