The author holds that business earnings, taking protective measures for money capital as a basic point, should include holding income and net profit after tax.

作者认为，立足所有者或企业，并以货币资本保全为基点，企业的收益是包括持产收益的税后净利。

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However, in spite of its tremendous revenue growth, its after-tax net income margins have eased from 4.2% to 3.5% in the past last five years.

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After-tax income, net of inflation, has barely been growing over the past five years and is likely to decline this year.

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