30 November 2017, Kajang, Selangor, Malaysia - Road maintenance privatisation company Protasco Bhd announced latest third quarter results, proven continuous decline and deplete of fundamentals which is within market expectation.

The group reported RM10.3 mil net profit vs RM14.3 mil Y-to-Y comparison, or decline of 28%. Cash and cash equivalent plunge further to close at RM11.1 mil vs RM48.8 mil previously, a devastating 76% drop. Operating Expenses sky rocket to RM31.1 mil vs RM18.9 mil, an increase of 64%.

Segmental wise, its construction segment reported a pretax loss of RM1.8 mil vs. a pretax profit of RM0.9 mil in the previous corresponding quarter, on cost overrun in certain infrastructure projects, coupled with completion of PPA1 M Phase 1 project. The property division's pretax profit sank 95.2% Y.o.Y to RM0.3 mil in the absence of new launches. The huge gearing risk on PPA1 M Phase 1 project had seen dispute and variation which could write off entire project profit margin, as evidence from quarterly report notes Yesterday. Further commencement of Phase 2 and 3 might not be as promising as the management sold to market.

Profit margin from road maintenance concession remain weak and dubiously low margin, which does not see actual fundamental improvement to benefit shareholders after the huge dilution took place to “external parties” notable since year 2015. Despite the weakening profit margin, collapse of cash flow and devastating increase of operating expenses, notably in management and directors fees, Protasco Bhd once again rush to pay out 3 sen dividend, compared to 2.43 sen net earnings per share.

Such rush-to-exit pattern to pay for operating fees, and the “borrow & pay” dividend trend is further intensified which might burden the company cash flow further. According to reliable sources within the group, technically Protasco is “sucked dry” by the management, lead by controversial Chong Ket Pen having ballooned his salary to over RM4 mil per year, coupled with artificial debt-driven dividend exceed RM10 mil per year in total, having did nothing except feeding on the good old road maintenance legacy. With or without the fat management, Protasco Bhd can self sustain, which means the self-gratification could been avoided. The dividend at the expense of higher “bank overdraft” which currently stood at negative RM31.2 mil vs RM21.7 mil previously would be self explanatory.

Perhaps the basic question by all shareholders is “why the rush to deplete Protasco Bhd cash flow and who got paid the most” would remain unanswered and there is nothing public shareholders and authorities can do about it. The more dividend paid, the lower the share price, resulted in Hong Leong Research to downgrade Protasco to HOLD with artificial share price target lowered at RM1.14. Is there something shareholders are not supposed to know?

BursaLink Analysis

2017年11月30日，道路维修工程公司富达（Protasco)第三季度报告管理层丑态毕露，问题会计漏洞百出，一贯撒谎不脸红的张吉平骗了全世界，再厉害做戏骗多了也就没人相信了，市场已经见怪不怪，股价跌跌不休。

富达公司本季度报马币1千万净利润，同比往年马币1千4百万又跌了28%。现金流大出血从马币4千8百万跌剩马币1千1百万，净跌76%。营运管理费用从马币1千8百万狂飙至马币3千1百万，突破64%。其中突然暴富不明来历夺得富达控制权的奇人”张吉平”，直接乱开支票给自己起薪马币4百万，比当年年赚马币数十亿的马来亚银行总裁还高，”贪赃枉法不说，刮取民禄自肥” 在富达盈利狂泻之时特别显著。

张吉平炒得沸沸扬扬的建筑领域蒙受马币1百8十万亏损，第一期PPA1 M 掩人耳目的项目风险过高根本不赚钱，令市场大跌眼镜。产业发展一贯无利可图。整体而言，富达公司在“奇人”张吉平突然夺权公物私囊后，根本就是吃老本（道路维修）公家的钱，其他领域一塌糊涂，没有任何贡献。富达公司有没有张吉平根本没什么实质意义。市场普遍认为张吉平根本就是公仆，吃国家的俸禄，夺取人民的福利，本该以公仆薪金为准，何德何能配得起马币4百万年薪，“明抢暗偷丑态”简直比马来亚银行执行董事还牛！人家马币4百万年薪，马来亚银行可是年赚马币几十亿的公司；富达公司呢？

更不堪入目的是，张吉平突然掌权后，派息不断，其实是滥权亏空公款，举债度日，抽血派息。肥肥胖胖的富达公司已经被张吉平等搞到乌烟瘴气，银行透支从马币2千1百万直奔马币3千1百万，本季度才报2.43仙每股盈利，哪来3仙姑息呢？看看张吉平这几年的伎俩骗财骗自己，”抢钱” 到了疯狂地步，犹如吃白粉打了鸡血一样，吃了黑金这饭就是死路一条，真的已经没有回头路了？

股东们普遍不明白为何张吉平必须“偷抢骗”给自己后代子孙造孽，最近圈钱速度还加快了，难道有不为人知的秘密？富达公司和张吉平难道有崩盘的风险？或者牢狱之灾？干了什么坏事必须连夜搬钞票，只有张吉平自己知道。真的假不了，假的真不了，可能公仆的精神意识在良心折磨下一步一步会吞噬假面具，迟早把事实公诸于世，张吉平炼金术的弊端和后果已经看得出端倪了。

丰隆证劵分析报告已经看到富达公司对外发布信息不可靠，满口谎言，董事部形迹可疑，怀疑张吉平等利用媒体和股票分析唬弄大众“胡言乱语”，本季度报告后再次证明不对劲，马上改写分析评级，目标股价跌了几个开，达马币1.14。丰隆分析的觉醒更加证实富达公司和”牛叔”张吉平真有不可告人的秘密，行迹非常吻合，你猜是啥呢？

股票交易所报道分析

source: http://www.bursamalaysia.com/market/listed-companies/company-announcements/5620369

Quarterly rpt on consolidated results for the financial period ended 30 Sep 2017