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The company blamed salary expenses and higher provision for income tax for the results, which compare with a $3.7 million profit for the same period last year. Revenues were up 7.5 per cent year on year to $1.56 billion. The chief executive, Michael Roth, said the group would continue to push for double-digit profit margins, but predicted that the 2008 margin would fall short at around 8.5 per cent.