2018年3月1日，吉隆坡 － 富达公司 （5070）最新第四季度财报显示“实际归股东盈利”继续下滑。2017年净盈利连年下滑28.8%，达到马币3千万。收入交易额年比下滑12.9%，达到马币9亿6千6百万。马六甲证劵行出乎意料地倒退降底富达公司评级，从马币1.25降到马币1.10，由“买入”降为“守护”。

基金经理 EPF 显然对富达公司的财报和董事局作风信心荡然无存，早已心灰意冷。富达公司不但毛利严重下滑，公司内部费用却离谱高涨。企业监管亮红灯。再加上奇怪的70%“快刀斩”把沙劳越维修工程合约利润分成让富达公司轮为“小股东”；以及2年都签不下的西马联邦陆路维修工程合约，最近以“3个月”续约草草带过，实际合同存亡未卜。更甚的是第四季度财报显示“归股东利益”显然已经跌到近50%净利分成，“内部安排”和“另外的50%去向可疑，夸张作风令人咂舌。

报章（预料之内）再度被富达公司的领导人“美化坏消息，掩盖事实”。再美的谎言已经打动不了市场信心。EPF根本不再理会，继续减码手中股票。

前几天爆出来的Kuasatek马币3百2十万“裁定纠纷”法律诉讼，富达公司又被告，文字上唬弄股票交易所的报道显然是另外一个败笔。富达公司董事部和领导人作风，市场已经见怪不怪了。富达公司如今已经不是陆路维修的垄断者，不是毛利减半就是股权利益大不如前，整体不见了超过一半江山，董事局和管理层更不是为全部股东利益优先，内部费用夸张高涨自肥，您认为EPF下来动向如何呢？马六甲证劵行姗姗来迟的醒觉，发现富达公司疑团多多恐怕马币1.10的估价已经太奢侈了，您认为呢？

《股市动态分析》

1 March 2018, Kuala Lumpur - Protasco Bhd (Bursa Code: 5070) latest quarter report shows the continuous downtrend of year to year results, especially the “actual profit” attributes to Protasco Bhd shareholders. The year 2017 net profit slipped 28.8% Y.o.Y to RM30.2 mln. Revenue for the year fell 12.9% Y.o.Y to RM966.8 mln. Melacca Securities surprisingly downgraded the price target to RM1.10 with a HOLD rating, significantly lower than RM1.25 previous with a BUY rating.

As expected, Protasco Bhd management once again using potential misleading press releases to cover up the undercurrent and disappointment in financial results and prospects, from devastating to promising tone.

Apparently, EPF is fed up with the company results and management credibility, as evidence from thinner profit margin, slowing down of revenue, and questionable increase in management cost. Series of serious corporate governance issues seen to plug on Protasco Bhd prospect.

Bizarre Federal Road Maintenance Concession "3 months renewal"

The 4th quarter report came 2 days after the company announced the extension of the Interim contract for Federal Road maintenance for a further period of 3 months which shall expire on 16 May 2018. Protasco Bhd earlier announced on 14 March 2016 on the extension of concession for a further period of 10 years by the Government of Malaysia (“Government”), for maintenance of Federal Roads in Peninsular Malaysia (“Concession”) by Roadcare (M) Sdn Bhd (“Roadcare”), a subsidiary of the Company, with (a) an interim period of 2 years from 17 February 2016 till 16 February 2018 (“Interim Period”)  based on the same terms and conditions of the existing concession; and (b) 8 years concession from the expiry of the Interim Period, from 17 February 2018 till 16 February 2026 based on Performance Based Contract (“PBC”) model.

Earlier on 14 February 2018, Protasco Bhd announced the loss of 70% Sarawak Federal Road maintenance concession interest compared to the previous contract, despite the road distance doubled. According to Bursa Malaysia announcement, DAL HCM Sdn. Bhd. (“DAL HCM”) has entered into a Concession Agreement with the Government of Malaysia (“Government”),  for the maintenance of the Federal Roads in the state of Sarawak, Malaysia ("New Concession").

NOTICE OF ADJUDICATION PURSUANT TO SECTION 8 OF THE CONSTRUCTION INDUSTRY PAYMENT & ADJUDICATION ACT 2012 SERVED ON A SUBSIDIARY

CONCESSION AGREEMENT FOR MAINTENANCE OF FEDERAL ROADS IN THE STATE OF SARAWAK, MALAYSIA