Just need to confirm whether the 66 mil impairment is for the Hiaptek portion alone or not. I think it is likely not because the last quarter could still earn RM 20 mil and this quarter operated for 2 months, couldnt be losing so much although the steel price was lower but it will be good if anyone can confirm with the management.

Dont get me wrong, I think the result is still good considering they are closed for a long time during the quarter.

Just be careful when reading comments from a free forum. Net profit is higher because of the write back and there is a potential tax issue. If remove the write back, this quarter net profit is not as rosy as reported. I let all the readers to calculate this yourself, if you remove the one time write back, what the actual figure should be.

The performance of the JV entity in the current quarter included another write-back of impairment loss of RM66.15 million. Please check the quarter report, the net profit has been inflated by the impairment write back.

The result is not too bad if there is no impairment. The bright side is the Kraken debts will not be classified as current liabilities in the first quarter of 2020. Barring from anymore impairment for FPO and OMS, Armada should be doing not too bad. Hopefully Armada Claire has been impaired fully else if the appeal fails again, more bad news for it to drop. In term of risk, should be lower than last year because the lenders of Kraken has agreed not to exercise their rights for full payment in Feb 2020 but profit growth will be limited also unless OMS segment is able to get more jobs. Happy trading everyone!!

Armada has not announced the Claire news on Bursa. Trade wisely, the sentiment is bad today due to many issues such as oil price drops, Claire and Virus. I posted because I initially thought the secondary issues news seem fantastic to Armada but after reading the whole document, it is better for you to judge yourself whether the extracted info is useful or not. Hope everyone will be huat. :)

A lot of people are trying to manipulate. Please read and judge carefully yourself regarding the Claire case, dont be misled by others. The document is there for you to read.

Auxiliary system and all the examples given are useless when the Armada lawyers changed their direction and admitted they did not fulfill the 72 hours operational endurance test.

The secondary issues are hypothetical, meaning if the judge is wrong. Please research it yourself, posting more and longer in the forum do not mean they are genuine. Anyway, happy trading...

The awarded amount is less than AUD 2 millions after contradicting the counterclaims. The amount is not sure enough to pay the lawyers and settle the court fees or not. @.@

Just finishing reading the whole judgement document. I would suggest all the readers here to read and judge yourself because the extracted information here can be misleading. It is better to spend time read the whole document yourself and make your own decision instead of depending on the extracted info from others.

Overall, Armada has screwed up badly, not only in this project but a few others that were commenced around the same time. These are the reasons why the share price drops to around 15 sens because a few other projects such as Kraken has the same issues and can be terminated like Claire.

The public relation of Armada is highly disappointed as well, never release any operational information on Bursa. Claire project has too many issues and the frequent changes during the trials are bad as well.

At the end, Armada admitted they had not achieved the 72-hour Operational Endurance Test (OET) (towards the end of the trial) thus the judge has concluded that the termination is legally done. Armada senior counsel's arguments such as Woodside has no right to terminate the Service Agreement (SA) are weak as well.

All those secondary issues and damages are provided in case the judge is wrong on a hypothetical scenario which I doubt it will be overturned even Armada appeals the decision, because failing to achieve the OET is a fact that both sides have agreed. This is one of the reasons why Armada is pushing for final acceptance of Kraken and Olombendo so hard after this case.

A few heads at Armada should be removed, not only the CEO and all their management incentives should be cancelled.

This is not a buy or sell call. Decision is still yours to trade but please read the whole document yourself in case you want to trade because it is your hard earn money, it will be your own to be blamed if something happens.

Wish everyone here a happy and huat Chinese New Year!

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