2018年5月31日 - 富达公司（5070）“前”政府道路维修工程和公务员廉价屋 PPA1M 工程承包商在公司年度会议后宣布第一季度成绩转盈为亏，业绩差强人意。以马币1亿5千7百万营业额竟然净亏损马币2百万，毛利都哪里去了，见仁见智，市场一片哗然。同一天，富达公司董事哈泥夫以退休理由退出董事局。

此外，富达公司现金流也大出血，比较前一季度的马币1亿1千1百万，大跌66%剩下马币4千9百万。投资者对富达公司的现有管理层失望透顶，对美丽的谎言蒙蔽了有如被欺骗的失落，纷纷抛售股票，次日开市股价跌跌不息。

在公司主要业务毛利下降和可疑的亏损账目之外，公司管理层的费用却依然居高不下，冲稀了股东利益不说，当年突然发财由打工仔摇身一变富达控制权大股东，时任富达公司的“一号执行董事张吉平 Chong Ket Pen”依然贷款发股息。“一号”葫芦里卖什么，路人皆知。敛钱术可用目无法纪，贪赃枉法来形容。鲁莽和我行我素行为，前朝政府的典型风范可见一斑。

富达公司以100%依赖前朝政府得来的合约能不能低空飞过不被当朝政府“清廉洗牌风”清算，还言之过早。下来5年内以“叛徒”还是“走狗”身份逃过一劫以否，且看富达公司如何清理内部腐败分子，把“一号的党羽”一一去除，罪有因得的绳之以法。改朝换代还是坐以待毙，且看富达海啸何时爆发，还富达一个清白，给大众小股东一个交代。

31 May 2018 - Protasco Bhd (Bursa 5070), the "former" government road maintenance and PPA1M construction company saw the worst quarterly report in years, with a net loss of RM2.1 mil despite an RM157.5 mil sales turnover. The company director Dato' Mohd Hanif "retires" the same day on the company AGM and release of the quarterly report. Cash position plunge 66% to RM49.3 mil, from RM111.5 mil last quarter. Investors seem shocked and not happy with the performance.

However, as per the quarterly report, operating expenses especially the fees and benefits paid to key management remain the same, namely the "MO1 of Protasco Bhd, Chong Ket Pen" personal benefits has taken up most of the cash flow and profit attributed to shareholders. The dividend-in-a-rush is typical staff mentality as if there is no tomorrow, is similar to "former" government modus operandi.

Despite the worst quarter since the year 2014 change of board members, Protasco Bhd had seen key road maintenance contracts were renew or awarded with majority bottom line went to external parties not known to shareholders.

The quarterly result proved that the so-called concessions were not beneficial to Protasco Bhd public share investors after all, despite the glossy top line and key management press releases as well as research reports coverage selling good prospect and stories.

The only truthful statement by Protasco's "MO1" is the "ongoing concern" of Protasco future being "challenging". How challenging in view of the change of government which Protasco relied on almost 100% of business with former political links, and the current government manifesto to review all key contracts would shadow Protasco at least the next 5 years under the current regime.

Perhaps a tsunami belongs to Protasco might happen soon enough instead of relying on the failed management which besides potential "self-gratification", practices cronyism and corruption, as well as frog-culture which capitalize on the act of "traitor" and "betrayal", before too late. Who are in the cleanup-list besides "MO1"? What do you think?

:: Bursa Biz Review ::

Picture courtesy: https://klse.i3investor.com/blogs/refreshcountry/158676.jsp

Source:  http://www.bursamalaysia.com/market/listed-companies/company-announcements/5807905

Quarterly rpt on consolidated results for the financial period ended 31 Mar 2018

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Currency: Malaysian Ringgit (MYR)

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