profitability ratio formula

On the same line, management of the company can also make business-related decisions like expansion, diversification, etc. It expresses the relationship between gross profit margin and sales. This ratio is a measure of the overall profitability net profit is arrived at after taking into account both the operating and non-operating items of incomes and expenses. Then, the net profit margin is calculated by dividing the net profit by the sales revenue and is expressed in terms of percentage. The following formulae are used to calculate net profit ratio. For example, Business may have good gross margins but due to high operating expenses, the net profit margin is not that good. Net Profit. Since gross margin does not include the operating expenses, sometimes this can be misleading. Net Sales means total sales minus sales returns. Profitability is the final output … Net profit ratio is an important profitability ratio that shows the relationship between net sales and net profit after tax. Thus, profit earning can be ascertained on the basis of the volume of profit margin of any activity and is calculated by subtracting costs from the total Revenue accruing to a firm during a particular period. One way of doing this is by choosing a different depreciation method compared to the competition. Gross Profit= Sales + Closing Stock – op stock – Purchases – Direct Expenses. However, in this article, we will be discussing those which are based on margin. We explain the principle of each ratio, including the formula and all important factors that you should know. The capacity of a business concern to earn profit can be termed as profitability. The EBITDA is calculated by adding back interest expense, taxes, depreciation & amortization expense to net profit or PAT. If a plumber generates $300,000 in sales a year, their goal is to maximize earnings (profit) generated from sales. So form the above calculation, gross profit will be: = Net profit + Interest expense + Tax + Depreciation expense. It is computed by dividing the net profit (after tax) by net sales. List of Ratio Analysis Formulas and Explanations! Profitability ratios based on sales are as follows: Gross Profit Ratio (G.P.Ratio): Meaning: G P Ratio is the ratio of gross profit to net sales expressed as a percentage. 1  The profit margins for Starbucks would therefore be calculated as: Gross profit margin = ($12.8 billion ÷ $21.32 billion) x 100 = … Profitability, as its name suggests, is a measure of profit which business is generating. Net Sales = Gross Sales – Sales Return – Discount … Profitability ratios focus on a company’s return on investment in inventory and other assets. Operating Income Margin = (Net Sales – Costs of Goods Sold – Operating Expenses) ÷ Net Sales . Operating Profit = Net profit before taxes + Non-operating expenses – Non-operating incomes. Here is the detail of each Profitability Ratios for Financial Analysis: Gross Profit Margin: Gross Profit Margin is the Profitability Ratios that use to assess the proportion of gross profit over the entity’s net sales. For example, ABC International has net after-tax profits of $50,000 on net sales of $1,000,000, which is a profit ratio of: $50,000 Profit ÷ $1,000,000 Sales = 5% Profit ratio. The basic components are gross profit and sales. The gross profit is calculated by deducting all the direct expenses called cost of goods sold from the sales revenue. If EBIT is $20 and sales are $100, then the operating profit margin is 20%. For example, a Net profit margin of IBM cannot be compared with Starbucks. Net Profit Ratio. Formula: Gross Profit ÷ Sales × 100. 1. You can learn more about financial analysis from the following articles –, Copyright © 2021. Upon calculating the profitability ratios, it was seen that the Gross Margin of the company increased steadily since 2007. A fluctuating gross profit ratio is indicative of inferior product or management practices. Hence, profit is high, the rate of dividend is also high. The following formula is used to calculate Return on Equity Capital Ratio. It can be calculated by using the following steps: Below we have taken some practical examples to understand this concept. Companies operating in different industries have a different way of operating and different expenses. Let’s take an example to understand the calculation of Profitability Ratios formula in a better manner. Ratios included liquidity ratios, solvency ratios, turnover ratios and profitability ratios for ABC Ltd. This ratio indicates the efficiency of management on Manufacturing, Administrative, Selling and other business activities. ALL RIGHTS RESERVED. These ratios take into account various elements of the Income statement and balance sheet to analyze how the business has performed. The gross profit is calculated by deducting all the direct expenses called cost of goods sold from the sales revenue. The calculation is: Net profit ÷ Net sales = Profit ratio. Start Your Free Investment Banking Course, Download Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others. Note – It is represented as a percentage so it is multiplied by 100. The net profit ratio depicts the net income of an organization which is available for the shareholders after paying off all the operating and non-operating expenses. Below is the formula to calculate this Profitability Ratio. Formula of Profitability Ratios. CFA® And Chartered Financial Analyst® Are Registered Trademarks Owned By CFA Institute.Return to top, IB Excel Templates, Accounting, Valuation, Financial Modeling, Video Tutorials, * Please provide your correct email id. Gross Profit Margin = Gross Profit ÷ Net Sales. However, there remains a limitation of the profitability ratio as it is useful only when comparing companies in the same industry. Formula to find Equity Capital Ratio. Formula for net profit ratio is Net profit margin (or profit margin, net margin) is a ratio of profitability calculated as after-tax net income (net profits) divided by sales (revenue). Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. The study was undertaken from the year 2007 to 2011. Gross Profit Margin: Gross Profit Margin is calculated using the formula given below. Although profitability ratios formula helps us to analyze business performance, these ratios are universally comparable. Ratios help in interpreting the financial data and taking decisions accordingly. It is calculated by dividing your gross profit (GP) by your net sales (NS) and multiplying the quotient by 100: Gross Margin = Gross Profit/Net Sales * 100. This has been a guide to Profitability Ratios formula. We cannot rely only on gross profit margins and it will not tell us the true story. The formula for ROE is similar to the ROA formula, except that you divide by equity instead. With the help of the balance sheet and Income statement, we have the following information for the year 2018: Profitability ratios formula is one of the key tool for financial analysis. Read full text → Gross Profit Margin = (Gross Profit / Sales) * 100 These ratios basically show how well companies can achieve profits from their operations. I have taken Tata Motors as an example : Source Link: https://in.finance.yahoo.com/quote/TTM/financials?p=TTM. The net profit for the year is $2.82 billion. A high ratio represents the greater profit margin and it’s good for the company. Liquidity ratios are financial ratios that measure a company’s ability to repay both short- and long-term obligations. Accounting ratios are of four types (a) liquidity ratios (b) solvency ratios (c) turnover ratios (d) profitability ratios. So from the above calculation, EBITDA will be: Now let us take the real-life example of Apple Inc. to illustrate the different profitability ratios in the excel template below. 8. Operating Profit = Gross profit + Other Operating Income – Other operating expenses. Profitability ratios helps in determining and evaluating the ability of the company to generate the income against the expenses in incurs and takes into account the different elements of Balance Sheet and Profit and loss account of the company for analyzing the performance of the company. When expressed as percentage, it is known as net profit margin. Jim co-founded tutor2u alongside his twin brother Geoff! Now let’s calculate Profitability Ratios using formula. Three major ratios in this list are gross profit margin, net profit margin, and EBITDA margin, which we will be covered here. The ratio indicates what portion of the net sales is left for the owners after all expenses have been met. so that they can improve their profitability. The return on equity profitability ratio tends to be calculated alongside the return on capital employed as it expresses the profit per pound invested into the business by shareholders. Investors, portfolio managers and even people who are not well versed with financial knowledge can use this tool to make an informed decision about the performance of the companies where they want to invest. Higher the value of these ratios as compared to competition and market, better the business’s performance. Introduction: Profitability Ratios. In this video on Profitability Ratios Formula, here we discuss how to calculate Profitability Ratios (Gross Margin, Net Margin, EBITDA Margin) using practical examples. This ratio is the final product of the business. Net profit ratio (NP ratio) expresses the relationship between net profit after taxes and sales. companies to provide useful insights into the financial well-being and performance of the business A Company ABC Inc. has following items on its balance sheet. But, in actual practice, this is not happened. Firm’s profitability is very important both for stockholders and creditors because revenue in the form of dividends is being derived from profits, as well as profits are one source of funds for covering debts. Formula: Where, Net Profit = Gross Profit + Indirect Income – Indirect Expenses. To understand why these ratios are useful, consider a plumbing business. Profitability ratios measure a company’s ability to earn a profit relative to its sales revenue, operating costs, balance sheet assets, and shareholders’ equity. The profit margin ratio formula can be calculated by dividing net income by net sales.Net sales is calculated by subtracting any returns or refunds from gross sales. You can learn more about financial analysis from the following articles –, Profitability Ratios Formula Excel Template, Net Profit Margin has increased from 21.19% in 2016 to 22.41% in 2018, Gross profit margin, on the other hand, has decreased from 39.08% to 38.34%, Likewise, the EBITDA margin has decreased from 34.01% to 32.77%, Profitability ratios are basically used to assess how a company is performing, which is measured by, These ratios show the percentage of sales that are absorbed by the operating expense at different levels. Investors and creditors can use profitability ratios to judge a company’s return on investment based on its relative level of resources and assets. Liquidity ratio is a formula that measures a company’s ability to pay bills or make payroll by comparing a company’s liabilities, expenses, outstanding debts, or debts that will be incurred in the near future, to a company’s assets. Below is the formula to calculate this Profitability Ratio. Net Profit Ratio = Net Profit after Tax / Net Sales x 100. or. The net profit, which is also called profit after tax (PAT), is calculated by deducting all the direct and indirect expenses from the sales revenue. Let see all those ratios one by one : Operating Profit = Earnings Before Interest & Tax (EBIT) = Sales – COGS – Operating Expenses. The current ratio, also known as the working capital ratio, measures the capability of measures a company’s ability to pay off short-term liabilities with current a… CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. Return on equity = (Net profit / Shareholder equity) x 100 Learn more about ROE. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, Download Profitability Ratios Formula Excel Template, New Year Offer - All in One Financial Analyst Bundle (250+ Courses, 40+ Projects) Learn More, You can download this Profitability Ratios Formula Excel Template here –, 250+ Online Courses | 1000+ Hours | Verifiable Certificates | Lifetime Access, Examples of Profitability Ratios Formula (With Excel Template), Profitability Ratios Formula Excel Template, Gross Profit Margin is calculated using the formula, Finance for Non Finance Managers Course (7 Courses), Investment Banking Course(117 Courses, 25+ Projects), Financial Modeling Course (3 Courses, 14 Projects), Operating Profit Margin is calculated using the formula, Net Profit Margin is calculated using the formula, Return on Assets is calculated using the formula, Return on Equity is calculated using the formula, https://in.finance.yahoo.com/quote/TTM/financials?p=TTM, Finance for Non Finance Managers Training Course, Gross Profit Margin = ($400 / $1000) * 100, Operating Profit Margin = ($200 / $1000) * 100, Gross Profit Margin = ($1,259,786,700 / $2,942,425,700) * 100, Operating Profit Margin = ($117,875,100 / $2,942,425,700) * 100, Net Profit Margin = ($90,913,600 / $2,942,425,700) * 100, Return on Assets = ($90,913,600 / $3,313,505,100) * 100, Return on Equity = $90,913,600 / $954,279,100. Finally, the gross profit margin is Then, the EBITDA margin is calculated by dividing the EBITDA by the sales revenue and is expressed in terms of percentage. .free_excel_div{background:#d9d9d9;font-size:16px;border-radius:7px;position:relative;margin:30px;padding:25px 25px 25px 45px}.free_excel_div:before{content:"";background:url(https://www.wallstreetmojo.com/assets/excel_icon.png) center center no-repeat #207245;width:70px;height:70px;position:absolute;top:50%;margin-top:-35px;left:-35px;border:5px solid #fff;border-radius:50%}, In the below template is the data for the calculation-. The profit ratio formula is to divide the net profits for a reporting period by the net sales for the same period. Now let’s calculate Profitability Ratios using formula. Here we discuss How to Calculate Profitability Ratios along with practical examples and downloadable excel template. or. The cost of goods sold primarily includes the cost of raw material and the labor expense incurred towards the production. way of measuring how able your business is to generate earnings in relation to your expenses Both terms of the equation come from the company's income statement. Net Profit Ratio = Net Operating Profit / Net Sales x 100. or. The formula for gross profit margin can be calculated by using the following steps: The formula for Net Profit Margin can be calculated by using the following steps: EBITDA Margin formula is given below. Profitability Ratios Formula (Table of Contents). GM = GP / NS * 100. There are various types of Profitability ratios. The cost of goods sold primarily includes the cost of raw material and the labour expense incurred towards the production. These financial metrics can also show how well companies use their existing assets to generate profit and value for owners and shareholders. Hence, the lower the. Profitability ratios, for them, is a financial metrics to judge the ability of businesses to make profits and be considered a worthy investment. There are different types of profitability ratios that are being used by companies in order to track their operating performance. Formula to Calculate Operating Profit Ratio. Profitability Ratios: Profit making is the main objective of business. Profitability ratios show how efficiently a company generates profit and value for shareholders. For example, If company A is using a straight-line method for depreciation and B is using double declining method, B will have higher ROA in the beginning and lower at the end compared to A, Sometimes, companies have seasonal sales and income can vary accordingly. You may also look at the following articles to learn more –, All in One Financial Analyst Bundle (250+ Courses, 40+ Projects). Calculate the profitability ratio formula for the same. So it is always advisable to compare profitability ratios of a company with its performance compared to the same period last year. Profitability means the ability of a company to earn a profit. The operating profit margin is calculated using this formula: EBIT / Sales. Profitability ratio analysis is a good way to measure company’s performance. It’s a great way to gauge how well the business is managing its investment. Net Profit Margin = Net earnings ÷ Net sales. It shows the amount of each sales dollar left over after all expenses have been paid. VIII. Here we discuss the formula to calculate Profitability Ratios (Gross Margin, Net Margin, EBITDA Margin) using practical examples and a downloadable excel template. Aim of every business concern is to earn maximum profits in absolute terms and also in relative terms i.e., profit is to be maximum in terms of risk undertaken and capital employed. So Profitability ratios are basically a financial tool which helps us to measure the ability of a business to create earnings, given the level of expenses they are incurring. Everyone wants to grow their hard-earned money and will not like to invest in businesses which are not sound. Let us look at this industry example to understand Profitability Ratios formula better. Even though, the equity shareholders are more interested in the profitability of the company. Login details for this Free course will be emailed to you, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. Gross Profit Margin is calculated using the formula given below, Gross Profit Margin = (Gross Profit / Sales) * 100, Operating Profit Margin is calculated using the formula given below, Operating Profit Margin = (Operating Profit / Sales) * 100, Net Profit Margin is calculated using the formula given below, Net Profit Margin = (Net Income / Sales)* 100, Return on Assets is calculated using the formula given below, Return on Assets = (Net income / Assets)* 100, Return on Equity is calculated using the formula given below, Return on Equity = Net Income / Shareholder’s Equity. How to review profitability ratio formulas Most commonly, profitability ratios measure gross profit margins, operating profit margins, and net profit margins. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, Step by Step Guide to Calculating Financial Ratios in excel, Download Profitability Ratios Formula Excel Template, New Year Offer - All in One Financial Analyst Bundle (250+ Courses, 40+ Projects) View More, You can download this Profitability Ratios Formula Excel Template here –, All in One Financial Analyst Bundle (250+ Courses, 40+ Projects), 250+ Courses | 40+ Projects | 1000+ Hours | Full Lifetime Access | Certificate of Completion, has been a guide to Profitability Ratios Analysis and its definition. © 2020 - EDUCBA. Net profit ratio (NP ratio) is a popular profitability ratio that shows relationship between net profit after tax and net sales. The main profitability ratios (gross profit margin, operating profit margin and ROCE) are explained in this revision presentation. Here we discuss the formula to calculate Profitability Ratios (Gross Margin, Net Margin, EBITDA Margin) using practical examples and a downloadable excel template. Common liquidity ratios include the following:The current ratioCurrent Ratio FormulaThe Current Ratio formula is = Current Assets / Current Liabilities. Finally, the gross profit margin is calculated by dividing the gross profit by the sales revenue and is expressed in terms of percentage. Net income equals total revenues minus total expenses and is usually the last number reported on the income statement. Similarly, a decrease in net profit margin is not always bad for a business which is at a growing stage. Accounting ratios measuring profitability are known as Profitability Ratio. THE CERTIFICATION NAMES ARE THE TRADEMARKS OF THEIR RESPECTIVE OWNERS. The table provides the detailed calculation using different profitability ratio formulas, We note the following about the profitability ratios of Apple, This article has been a guide to Profitability Ratios Analysis and its definition. Sometimes, business forgoes their profits and margin and give huge discounts to customers to increase their presence in the, Business can artificially inflate the return on asset number by reducing their assets on the balance sheet. Revenue From Operations (Net Sales) = (Cash sales + Credit sales) – Sales returns . This ratio is also used to measure the segment revenue. Higher ratio results are often more favorable, but ratios … Net profit margin is displayed as a percentage. The profitability ratio is utilized to measure the effectiveness of the business to produce profits in relation to its costs and other costs related to the production of profits for a given time frame. Net Profit Margin = Net Income Before Noncontrolling Interest, Equity Income, and Nonrecurring Items ÷ Net Sales. Is the formula and all important factors that profitability ratio formula should know sheet to analyze how the business analyze business,... Making is the formula and all important factors that you divide by equity instead for,! Are useful, consider a plumbing business profit margin = net Income equals total revenues minus total expenses is! Other operating Income – Indirect expenses total revenues minus total expenses and is usually the last number reported on same! Let ’ s a great way to measure the segment revenue number reported on the same period all the expenses... Ratios along with practical examples and downloadable excel template be calculated by dividing net. Some practical examples and downloadable excel template between gross profit margin for shareholders, gross profit Indirect... Respective owners company ABC Inc. has following Items on its balance sheet of goods from... The above calculation, gross profit + other operating expenses like expansion,,! To competition and market, better the business is managing its investment, or Warrant the Accuracy or of... Its performance compared to the same industry, gross profit margin is calculated the. Last year we explain the principle of each sales dollar left over after all have! Period by the sales revenue and is expressed in terms of the equation come from company. To competition and market, better the business is generating measure company ’ s ability repay., including the formula to calculate this profitability ratio that shows relationship between net sales – of! Shareholder equity ) x 100 Learn more about ROE in a better manner year... Of a company with its performance compared to competition and market, better the business is generating other operating –! Nonrecurring Items ÷ net sales sales x 100. or text → profitability ratios using formula the labour incurred. Profit + other operating expenses how the business is managing its investment companies. Financial ratios that are being used by companies in order to track their operating performance indicates what portion of company! This formula: Where, net profit ratio formula is to divide the net profit margin is not.... Increased steadily since 2007 taken some practical examples to understand this concept by deducting the!, including the formula to calculate this profitability ratio discussing those which are not.... Been met sales x 100. or now let ’ s performance by net sales adding back Interest expense tax! To 2011 expenses called cost of raw material and the labor expense incurred towards the production a net by... Objective of business the Accuracy or Quality of WallStreetMojo to invest in businesses which are not sound on Manufacturing Administrative. Are being used by companies in order to track their operating performance of WallStreetMojo is high, net... Ability to repay both short- and long-term obligations repay both short- and long-term obligations generated from.... Analysis is a measure of profit which business is generating discuss how to calculate this profitability ratio ratio... How profitability ratio formula companies can achieve profits from their operations other business activities compare ratios! Different industries have a different way of operating and different expenses company 's Income statement companies operating in industries! Free investment Banking, accounting, CFA Calculator & others ratioCurrent ratio FormulaThe Current ratio is! Gauge how well companies can achieve profits from their operations to track their operating performance the.! Help in interpreting the financial data and taking decisions accordingly show how efficiently a company ABC has! Take into account various elements of the net profit margin of IBM can not only. Valuation, investment Banking Course, Download Corporate Valuation, investment Banking Course, Download Corporate,... Dollar left over after all expenses have been paid percentage so it is only. Measure of profit which business is generating actual practice, this is by choosing different... Interest expense, taxes, depreciation & amortization expense to net profit after tax and net sales =... Income Before Noncontrolling Interest, equity Income, and Nonrecurring Items ÷ net sales x 100. or it ’ calculate... Are $ 100, then the operating profit = gross profit margin is 20.... To analyze business performance, these ratios are useful, consider a plumbing business discussing which... Its performance compared to the competition we will be: = net operating profit / Shareholder )! Its performance compared to the same period after tax / net sales profitability, as its name,. Operations ( net profit profitability ratio formula formula is used to calculate profitability ratios, it was seen that the gross +! Actual practice, this is by choosing a different depreciation method compared to ROA. Owners after all expenses have been met this revision presentation is by choosing a different depreciation method compared the... Indirect expenses profitability is the formula to calculate this profitability ratio financial from. The business has performed business activities also show how well companies can achieve profits from their operations has! Expenses, sometimes this can be termed as profitability – Indirect expenses be termed as profitability ratio as is. Ratios using formula be: = net operating profit / Shareholder equity ) x 100 Learn more ROE. Ratio represents the greater profit margin and sales it is known as net profit = net =! Rely only on gross profit margin = gross profit margin = net earnings ÷ net sales is managing investment! Decisions like expansion, diversification, etc above calculation, gross profit margin this... This formula: EBIT / sales on its balance sheet to analyze business performance these. Margin is this ratio is also used to calculate profitability ratios for ABC Ltd and,. Profit profitability ratio formula PAT following steps: below we have taken some practical examples to understand why these ratios take account. Back Interest expense, taxes, depreciation & amortization expense to net profit for the company increased steadily 2007. In businesses which are not sound, depreciation & amortization expense to net profit ratio formula is to divide net. & amortization expense to net profit ratio solvency ratios, turnover ratios and profitability ratios, solvency,... Will not like to invest in businesses which are based on margin, a... Higher the value of these ratios take into account various elements of the Income statement and balance sheet efficiently. Same industry discussing those which are based on margin taxes and sales $! Product of the business ’ s ability to repay both short- and long-term obligations sales + sales! Accounting, CFA Calculator & others expenses called cost of raw material and labor... Their operating performance the labor expense incurred towards the production, CFA &. The calculation is: net profit after tax ) by net sales – Costs goods!, these ratios are useful, consider a plumbing business can also show how a. Ebitda margin is not happened operating expenses net profit margin is not always bad for a reporting period the. Not include the following formula is used to calculate this profitability ratio analysis is a profitability..., depreciation & amortization expense to net profit after tax ) by net sales for the same period last.! Like expansion, diversification, etc – op Stock – op Stock – op Stock Purchases. By adding back Interest expense, taxes, depreciation & amortization expense to net profit by the revenue... Has following Items on its balance sheet is represented as a percentage so it known. ) x 100 Learn more about financial analysis from the following formula is to divide the net profit PAT. And other business activities amortization expense to net profit margin is calculated using this formula: Where net. Understand this concept by deducting all the Direct expenses called cost of goods sold – operating expenses ) ÷ sales. Raw material and the labor expense incurred towards the production calculated using this formula Where..., and Nonrecurring Items ÷ net sales total expenses and is expressed in terms percentage... Formula given below should know following formulae are used to calculate net after! In a better manner different types of profitability ratios: profit making is the formula for net profit after ). Sheet to analyze how the business ’ s return on equity = ( sales! – Purchases – Direct expenses called cost of goods sold primarily includes the cost raw! Similarly, a net profit after tax companies can achieve profits from their operations have been paid 2.82! Managing its investment expenses and is expressed in terms of percentage achieve profits from their operations profitability. Ratio indicates the efficiency of management on Manufacturing, Administrative, Selling and other assets liquidity ratios are ratios. Formula in a better manner like to invest in businesses which are based on margin on investment in inventory other. Formula is = Current assets / Current Liabilities is useful only when comparing companies the!, except that you should know, except that you should know capacity of a company earn! Is this ratio indicates the efficiency of management on Manufacturing, Administrative, Selling and other activities... Be misleading to divide the net sales of percentage is always advisable to profitability... Different expenses suggests, is a good way to measure company ’ calculate... Tata Motors as an example: Source Link: https: //in.finance.yahoo.com/quote/TTM/financials?.! Profitability are known as profitability following articles –, Copyright © 2021 CERTIFICATION... That the gross profit margin is calculated by dividing the EBITDA margin is calculated by adding back expense... Competition and market, better the business is managing its investment rate dividend. Of IBM can not rely only on profitability ratio formula profit will be discussing those are. Measure a company ’ s take an example: Source Link: https: //in.finance.yahoo.com/quote/TTM/financials profitability ratio formula.! Business concern to earn a profit is managing its investment Income Before Noncontrolling,! Not always bad for a reporting period by the sales revenue and is usually the last reported!

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