Pang72 true or not? The profit is usually accounting profit. This company one quarter reverse impairment and one quarter is deferred tax gain. Not real underlying business. Be careful the window dressing. Insider says the Euro 4 M still can’t complete. Use cheapo Chinese contractor full of problem
Dear all, Just my opinion on HRC Q3 result: The average market prices of oil products for the current quarter saw some improvement against the margins recorded in the immediately preceding quarter, although they continued to be in the negative region. The positive combination of stock holding gains and support from oil margin swaps for the current period resulted in a comparatively higher gross margin and net profit against the previous quarter. Page: 21:
Highlight: Some improvement against the margins recorded in the immediately preceding quarter, although they continued to be in the negative region Mean refining margin still negative for the quarter. The profit coming from fair value of Level 2 financial instruments that were outstanding in Q2 mature in the money and stock holding gain
(b) Financial instruments carried at fair value (continued): Fair value of financial instruments that were outstanding as at the reporting date are detailed below: Contract/ Notional amount Assets (Liabilities) USD’000 RM’000 RM’000 Financial assets/(liabilities) Level 2 30.06.2020 Forward priced commodity contracts 43,484 - (7,018) Commodity swap contracts 673,386 206,305 (222,024) Refining margin swap contracts 202,084 512,535 (16,667) Commodity options 300 411 - Interest rate swap contracts 96,250 - (22,067)
The question: For Q4 will fair value of Level 2 financial instruments that were outstanding in Q3 mature in the money to book the profit? Your guess is as good as mine.
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pang72
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Posted by pang72 > 2020-11-27 08:37 | Report Abuse
Even 4.5 is dirt cheap!!