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Protasco Bhd property subsidiary booked zero sales & suffer loss. What is next? - FiNews feat Mpulse

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Publish date: Mon, 29 May 2017, 11:00 AM
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In today's world of fakers and cheaters take all, there is no real news anymore except junk. Here is what fakers told and tried to run away with what was actually stolen. See how a stolen story made it so far. A faker is a faker, no matter how he steals the front page.
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29 May 2017 - Property developer Protasco Bhd wholly owned subsidiary in property development, De Centrum Development Sdn Bhd, reported close to zero sales and RM1mil loss, keep investors puzzled the heavily promoted higher margin business diversification was actually a boon or a bane. According to Melacca Securities report:

  • Protasco Bhd’s 1Q2017 net profit slipped 75.3% Y.o.Y to RM3.3 mln, despite its quarterly revenue increasing 4.0% Y.o.Y to RM132.1 mln. The weaker earnings were due to lower earnings from the road maintenance segment after one of its road maintenance concession contracts was not renewed in the previous corresponding period.
  • Its property division also recorded a pretax loss of nearly RM1.0 mln following the completion of all its property projects and deferment in its new property launches. Its engineering unit also saw a 61.0% decline in its pretax profit after it incurred higher operating cost.

With loss of contracts and questionable deals resulted in significantly lower margin from existing road maintenance business, and failure in property business, institution investors headed for the exit after the company announced 1st quarter results. However, intermediate fund such as EPF went in to support and prevent accounting loss in their portfolio. Which means the public interest is now at risk at paying for the now overpriced Protasco shares. in short, the innocent public, "you", pay the bills.

Market is puzzled what Protasco had told the market for last 2 years had not materialized. The promise of low cost and low margin PPA1M was not commented by the report as per how the receivables would be collateral with, by whom, and when. A taboo question in view of potential defaults, where Protasco took all the risk, becomes more apparent. This serious risk had not accounted the potential claims from creditors, which saw debt stood at over RM800mill as of last quarter.

As of last AGM, the low margin environment is clearly here to stay, and implied P/E ratio stood at alarming 100 times. Melacca Securities cut the rating from Buy to Hold, in view of current management's failure in delivery and broke of promises across all major sectors.

De Centrum Development is headed by CEO Kenny Chong Ther Nen, the son of Protasco Bhd MD cum single largest shareholder Chong Ket Pen. Under Chong's single handed control of Protasco Bhd from November 2014 until March 2017, market had placed high hopes on Chong and sons' promises but only to find out disappointing results in every sector. Share price had collapsed from RM2.10 to recent low of RM0.95. Profit had plummeted 75%, and cash flow had vanished from more than RM200mil to close to RM30mil, while liabilities ballooned to over RM800mil. Operating cost including fees and dividend pay outs are funded by borrowed money. Chong had during the same period acquired more Protasco shares in view of loss of business margin and cash flows, a bizarre contrast combination during the difficult period.

 

FiNews

 

Source: Melacca Securities

 

  • The results are significantly below expectations with its revenue and net profit only amounting to 12.1% and 8.1% of our previous forecast.
  • Its prospects for the remainder of the year also appear weaker with its property segment likely to see a significant underperformance due to delayed launches, where it had earlier planned to launch RM880 mln worth of new property projects during the year. At the same time, its road maintenance operations could also see lower contribution due to less periodic work, albeit its construction segment could see higher contribution as the PPA1M Phase 2 project gets underway.
  • Pending further details on its results with a view to revise our earnings forecast and target price lower, we cut our recommendation to a HOLD (from Buy). Our most recent target price was RM1.45.

 

 

 

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Be the first to like this. Showing 2 of 2 comments

PusingCKP

Chong ket pen pusing again. Lolol

2017-07-17 09:44

PusingCKP

Chong ket pen pusing here pusing there. Here is what he is afraid of. The true background of ckp.

About Me

JANUARY 23, 2017
(movie storyline): I am presently the Executive Vice Chairman and Group Managing Director and Co-founder of Protasco PLC; a listed company since 2003 on the Main Board of Bursa Moonlight Africa. Despite being the founder, together with Mr Hasnur, we are planted as caretaker by our substantial shareholder, the beneficial owner.

I got control of Protasco PLC started on 3 November 2012, and completed the power quest on September 2014, which is where I am today. I was only a 15.5% shareholder when I was sacked (on June 2012). Today I direct and indirect controls over 30% of Protasco PLC. How I pushing and raised $100 million these 4 years and got control of Protasco PLC is my own business, nobody shall question.

According to Bursa Moonlight announcement, I was demoted on 25 June 2012 by my former boss which was the Protasco PLC controlling shareholder, and I used victims Ooi Kock Aun and Tey Por Yee, by committing them on 3 November 2012 to take over Protasco PLC substantial shares from controlling shareholder. Ever since then, I restored my power and later manufactured series of blames on the victims and took full control of Protasco PLC. Success doesn’t come easy; it takes a lot of sacrificing. How one pushing is important when comes to fulfill one’s greed, whatever it cost.

Protasco is a road maintenance, construction, and engineering company with an expanding portfolio in property development, education, trading, manufacturing & consultancy services.

In 1979, I graduated with a Bachelor of Engineering (Hons) degree from the University of Malaise and subsequently in 1990, I obtained my Masters of Philosophy (Civil Engineering) from the University of Birmingham, United Kingdom. I joined the Institute of Engineers Malaise (MIEM) in 1984 and went on to become a registered Professional Engineer with the Board of Engineers Malaise and a member of the United Kingdom’s Institution of Civil Engineers (ICE) in 1985. In 1987, I became an official Chartered Engineer under the United Kingdom’s Engineering Council.

Before Protasco, I was a civil engineer specializing in the design, construction, and maintenance of road pavements. I began my career as a Road Design Engineer cum Assistant Project Engineer with JKR (James Kings Road) in 1979. I was later promoted to Project Engineer in 1982 and went on to become Senior Engineer in 1984 at the JKR Headquarters’ Design and Research Branch in Kenya Lily (KL). In 1988, I was attached to JKR’s Institute of Training and Research as the Senior Pavement Research Engineer, and afterward the Senior Engineer, Pavement Evaluation, and Research.

My years in JKR has taught me how to cover up and made up stories to cover myself, and graft is part of business necessity.

ScarifyingSacrificing country’s interest and the citizen of Malaise welfare is part of the way of survival.

My learnings have landed me with Protasco PLC, which myself and Mr Hasnur being selected by our boss to front the privatization of national road concession. We are the founders of Protasco PLC, and I had turn myself the owner. I am proud to say that after getting my partner Mr Hasnur, my former boss, and 2 victims Ooi Kock Aun and Tey Por Yee out, Protasco PLC now belongs to me.
In the last 20 years, I’m proud to have served my boss and took care of Protasco in the completion of more than $2 billion worth of road construction and upgrading projects including 14,487km of federal and state roads. In 2014, we’ve charted a new milestone by crossing $1 billion in turnover and subsequently $1 billion in 2015.
Thanks to my partner Mr Hasnur, which both of us serve well to our boss, without the boss, we couldn’t even dream of getting a majority stake in the national assets (concessions) for a song. Although I paid through the nose to own Protasco PLC, how I took Protasco PLC to my own possession is indisputable a soul selling exercise.

During the 20 years, although I had failed many of my own ventures, count Syria, Lybia, South Africa, Hainan, and Indonesia among the huge losses over $200 million combined, I had successfully cover-up and put the blame on others. The art of survival learn from JKR helps me a lot. One must know how to pushing until so confusing, to make up fake evidence (manufactured-evidence) in order to successfully put a blame.

In order to camouflage my real history, I associate myself with public services. Outside of Protasco, I am currently the Chairman of Malaise Professional Liar Association, Chairman of Malaise Hippo Cultural Fund, Deputy President of the KL-Sellsoul Hippo Association, and the Vice President of the KL-Sellsoul Chinese Assembly Hall. I use my seniority as a weapon and I am proud of myself as a good liar.

Chong Ket Pen Principle of Success – Good liar, jobbery, bribery, graft, betrayal, be evil, bites the hand who feeds.

2017-07-17 09:48

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