Integrax Berhad Company
Business Description:
Integrax Berhad. The Group's principal activities are owning and operating 2 port facilities, Lumut Maritime Terminal (port facility for dry and liquid bulk, break bulk and containers) and Lekir Bulk Terminal (port facility for dry and liquid bulk) comprising Lumut Port. Other activities include providing tuggage services, and extracting and smelting mineral ore. Operations are carried out in Malaysia.
Wright Quality Rating: LAD0
A quick look at Integrax
http://spreadsheets.google.com/pub?key=tpsmR43G59-htWV9PkRJUgQ&output=htmlIn the year 2008, the company took an impairment on investment in its associates amounting to RM 30.189 million. This is a non-cash item. The company's long term borrowings continue to shrink yearly.
Despite good positive FCF and the company having a large amount of idle cash, it did not pay a dividend last year. This dividend cut is certainly not minority investor friendly. Ouch!
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