Governance Watch

Protasco quarter 2 net profit drop 23%. Cash and cash equivalent plunge 60%. Downgrades gloomy.

ScWatch
Publish date: Wed, 24 Aug 2016, 11:57 AM
ScWatch
0 1
Watch how governance is for sale in capital market.
Following Message

23 August 2016 - construction company Protasco Bhd announced quarter 2 results with 23% drop in net profit, despite higher revenue. Cash and cash equivalent Quarter1 to Quarter2 drop again from RM132million to RM84million as follows:

Short term investment RM22mil (was RM38mil); FD fixed deposit RM23mil (was RM22mil); Cash on hand RM39mil (was RM71mil), total cash & cash equivalent amount to RM84mil (was RM132mil). A hefty drop of RM48mil within 3 months.
 
According to Bursa announcement, Protasco long term debt ballooned to RM422mil as of quarter 2. Revenue increase to RM396mil from previous RM310mil. 
 
Melacca Securities recently downgraded Protasco performance. With the reported earnings coming below forecast, Melacca Scurities trimmed their earnings estimates for 2016 and 2017 by 22.2% and 23.8% to RM54.4 mln and RM57.7 mln respectively, after adjusting their earnings forecast to account for the weaker maintenance segment, coupled with the higher effective tax rate. 
 
Governanc Report
 
http://www.bernama.com.my/bernama/v8/bu/newsbusiness.php?id=1275558

Protasco Posts RM30.88 Million Pre-tax Profit In Q2

KUALA LUMPUR, Aug 22 (Bernama) -- Protasco Bhd recorded a lower pre-tax profit of RM30.88 million for the second quarter ended June 30, 2016, compared with RM32.42 million in the same period last year.

In a filing to Bursa Malaysia Monday, the group said, however, its revenue increased to RM396.24 million from RM310.43 million previously.

In a separate statement, Protasco said for the first half ended June 30, 2016, construction revenue jumped 75 per cent to RM214.50 million from RM122.74 million last year, due mainly to Phase 1 of the 1Malaysia Civil Servants Housing Project (PPA1M).....
 
PRTASCO (5070)
Related Stocks
Market Buzz
Discussions
Be the first to like this. Showing 1 of 1 comments

CiaKoPi

Your number is not up to date. Check the latest result:
http://klse.i3investor.com/blogs/Governancecheat/104239.jsp

2016-09-12 16:23

Post a Comment