Finweek English Edition - - INVESTMENT -

The Cal­gro M3* re­sults just came out and, at first glance, they seem in line with ex­pec­ta­tions. Al­most half of their prof­its are com­ing from joint ven­tures ( JV), up from a quar­ter at the year-end and around a fifth at the pre­vi­ous half-year re­sults. I need to un­der­stand more about these joint ven­tures as they be­come more sig­nif­i­cant. My con­cern would be that they could be at lower profit mar­gins.

Cal­gro M3 Hold­ings

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