NiCorp and Ze Sauce: Part II

Here's an update on an old posting: Nicorp and ze Sauce!

Flashback:

Last Friday, Oct 7th 2005, there was an article on Star Biz on Nicorp. See: Nicorp bids for contracts in O&G Sector

• “Naim Indah is very happy with its performance. The company's plans to venture into the oil and gas sector is a diversification strategy,” said a source close to the company.He said that venturing into this sector was a right move following the surge of oil prices.Naim Indah is believed to be close to securing local contracts worth several hundred million ringgit.As of end March this year, Naim Indah posted a net profit of RM6mil on the back of RM22.3mil in revenue. Its debts stood at RM2.8mil with RM137,000 in finance costs.Securing any contracts in this sector is expected to be significant for Naim Indah as it can mark a turning point for the company.

It really bugs the hell out of me whenever i read in the newsmedia this phrase "according to source(s)."

Hello world! What source(s) are we toking here? Maggie Sauce? or Chili Sauce? or issit See-Yaw?

So according to this sauce... “Naim Indah is very happy with its performance."

Sayyyyyy.... correct me if i am wrong here.... aren't we ONLY happy if and when OUR company is making big, big Moola?

Tiok boh?

We make moola... we be happy. Tiok boh? Sing when we are winning, eh?

Well just how is Nicorp doing?

Yes... "As of end March this year, Naim Indah posted a net profit of RM6mil on the back of RM22.3mil in revenue" .

That statement is true.

But.... but.... butt.... butttt.....

Six months have passed since then.

And 2 quarterly earnings have been posted by Nicorp since then...

see: Nicorp's last 5 quarters earnings

How brown cow?

Naim only has a sales revenue of around 3.71 million for the first half of the year. And a loss of 709k for the first half of the year.

Kakakaka....

Die larfing lah.....

And i wonder... i really wonder..... who this source is? The source who is allegedly close to Nicorp. The source who proudly proclaims to the planet Malaysia that Nicorp is very happy with its performance.

Hmmm.... i just wonder who and what this source is lah!!!

yeah... maybe... perhaps... it was plain old Maggie Sauce!

yeah.....

Show Me Ze Sauce!!!

:D

~~~~~~~~~~~~~~~~~~~~~~~~~

Back to the present day.... March 2006

Naim Indah announced its earnings in Feb 2006 and as expected it wasn't too happening:

Quarterly rpt on consolidated results for the financial period ended 31/12/2005

• REVIEW OF PERFORMANCE
  For the current financial period ended 31 December 2005, the Group’s revenue was RM12.52 million compared to RM22.30 in the prior financial period ended 31 December 2004. The decrease in income was mainly due to the Group’s delay in obtaining the necessary permits to extract round timber logs during the current financial period ended 31 December 2005.
  
  As a consequence, the Group recorded a lower profit before tax of approximately RM1.17 million compared to a profit before tax of approximately RM7.00 million for the prior financial period ended 31 December 2004.

Ahem... Profit Before Tax was rm1.17 million compared to rm7million a year ago.

Now I did not think for a second that NiCorp earnings was going to be great at all. The most laughable part in that earnings report was how NiCorp described its 2006 prospects...

• FUTURE YEAR PROSPECTS - 2006
  The Directors are of the view that the performance of the Group hinges substantially on the performance of its subsidiaries namely Jernih Makmur Sdn Bhd (Principal activity – logging and selling of round end timber logs) and Consistent Harvest Sdn Bhd (Principal activity – renting of shopping spaces in its shopping complex). Barring any unforeseen circumstances, the Directors are confident that they will be able to improve the performance of the Group in the coming year.

hmmm.... I wonder what happened to Nicorp and its Maggie Sauce?

Yeah... what about NiCorp's great venture into the Oil & Gas sector??

Anywhow... it's now March 2006.

And here is the interesting issue... do you know when the press started talking or rather when the press started promoting NiCorp's great Oil & Gas Venture?

Well have a look at this snippet...

• Saturday August 27, 2005
  
  
  Naim Indah's wise choice in oil and gas
  
  BY JOSE BARROCK
  
  NOBODY had bat an eyelid when little-known timber concession holder and property development company Naim Indah Corp Bhd announced recently that it has acquired a company with the intention of venturing into the oil and gas sector.
  
  What was then largely dismissed as a company jumping into the oil and gas bandwagon may just turn out to be a strategic move as sources say Naim Indah is close to inking a RM500mil contract for value added services in the sector in the Middle East. Industry sources say the announcement will be made mid September.
  

The classical SOURCES say was used to seduce readers to punt the stock...

So Aug 27th.... wonder how NiCorp has performed since then?

See how NiCorp was driven UP to a high of 23 sen....
and look at the consequences now. NiCorp closed today at 12 sen!!!

Pumped and Dumped!!!

Bravo!!!!

And OUR press was such a nice little tool.