Friday, May 25, 2012

Best Fit News: Texchem Sees More Revenue

On Business Times, Texchem Resources was featured.

  • Texchem sees more revenue from restaurant division

    By Marina Emmanuel Published: 2012/05/25

    GEORGE TOWN: Texchem Resources Bhd (TRB) expects its restaurant division to continue generating large revenue streams this year, with the opening of more outlets and introduction of new cuisines.

    With a RM12 million investment to grow the division this year, the company is looking to open its first Mediterranean restaurant, a new chain of halal sushi eateries and a Japanese fusion restaurant called Waku Waku.

    "We have managed to convince around 10 of our Japanese suppliers operating in the Asean region to be halal-compliant and we hope to open the 'Sushi-Ku' halal 'kaiten' sushi chain by the second half of this year," TRB chairman Tan Sri Fumihiko Konishi told Business Times after the company's annual shareholders meeting here yesterday.

    Some of the Japanese suppliers who have agreed to be halal-compliant include soya-sauce maker Yamasa Corporation and rice vinegar producer Mitsukan Group Corporation.

    The RM3.3 million Mediterranean restaurant, which is yet to be named, will open its doors before Christmas and will occupy some 500 sq ft of space, close to the link bridge connecting MidValley Megamall and The Gardens in Kuala Lumpur.

    He said the Texchem group is currently focusing on improving operational efficiencies as well as expanding its market share, particularly in its restaurant division.

    "We are looking at adding another seven Sushi King outlets this year and each will see a RM500,000 investment," he said.

    For the 2011 financial year ended December 31, the group achieved revenue of RM1.08 billion, a 2.0 per cent increase from the previous year's performance and a higher a pre-tax profit of RM4 million.
The very last line... it describes Texchem as a billion dollar company, making money somemore...

So how true is this?

Well this is the Q4 announcement: Quarterly rpt on consolidated results for the financial period ended 31/12/2011


Texchem losses for the year was 5.174 million.

The most recent quarter in April 2012? Losses again.

Quarterly rpt on consolidated results for the financial period ended 31/3/2012

So .. LOL!

Yeah... more revenue indeed.


bonny b said...

Maybe the reporters get some free sushis from the King? Good writers must be rewarded, yes?

Moolah said...

Free sushis from the King?


ps: let's see how many postings I can make based on this 'best fit' theme.


casey said...

I like Moolah's sharp sniffing sense. always able to find some interesting reports about our listed companies that can be useful for the "unsuspecting" investing public.

I wonder why you called such writing "Best Fit"?

Moolah said...

I am rather poor with describing things at times. Called it 'best fit' because at times our financial news tends to present the news in the best fitting manner.

solomon said...

A billion revenue without profit?? Maybe someone pocket in between.....I am just amazed

Moolah said...

Yeah billion dollar company without a profit. Makes you wonder really.

I wasn't too surprised about it considering that I had posted on Texchem before in Nov 2009 -

In that posting, there was a Star Biz link, Texchem then was said to be targeting a sales revenue of 3.2 Billion by 2013!

And yeah, if you would have noted the comments on how Texchem was doing. Quote "Texchem recently reported a pre-tax profit of RM29.7mil on revenue of RM1.26bil for the financial year ended Dec 31 (FY07). This was in comparison to a pre-tax profit of RM22.5mil on revenue of RM1.27bil for FY06.".

Like the article on Business Times, how Texchem was doing was just based on 'pre-tax profits' only.

Which makes you wonder... is Malaysian taxes relevant or not?