Scomi reported a record earnings of 23.657 million. It's highest ever.
Problem?
Its nett debt position is now at 903.946 million.
Ahem!
Compare that to what I just wrote the other day... Regarding Scomi Group Again
- Yes, the sales and net profit has increased a lot but do you see any creation of wealth?
Back then, 03 Q2, Scomi Group was a simple stock earning 4.037 million for the quarter. But it's net debt was a mere 7.515. Very manageable.
Today Scomi? 06 Q1, Scomi Group is now a complex Godzilla, earnings some 16.069 million for the quarter, which is about 4 times more than it earned back in 2003 Q2. Fantastic. Bravo. But just look at the cost of such engineering of wealth. Scomi Group is now in a nett debt positiion of $846.778 million.
How?
There are some articles on The Edge Weekly.
Cover Story: Close to tipping point
Stories By Lim Ai Leen
Cover Story: Shah Hakim speaks
The Scomi Group CEO talks candidly about earnings, shareholder returns and Kamaluddin Abdullah
Cover Story: How it all started
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