Shocking Silver Bird?

WOW!

Just saw Silver Bird's earnings:

Quarterly rpt on consolidated results for the financial period ended 31/10/2006

A lost of 51 million ringgit!!!

But the writings were on the wall already, wasn't it?

Back on Sept 2006, I last wrote the following post:

That Silver Birdie..

Silver Bird announced its earnings last night.

It was hardly a pretty sight.

All they had to show for their quarterly earnings was a net profit of 675 thousand from a sale revenue of 178.826 million.

Hardly a sign of an average business.

And it was just back in 2004 when Silver Bird proudly announced it was installing state-of-the-art equipment in its Shah Alam plant. A plant which cost a total investment of rm100 mil. And was touted as the single largest stand-alone bakery in Asean. Big plans, big dreams and as the saying goes no risk, no gain.

Well it's now 2 years since that grand plan unfolded....

This was Silver Bird's explaination of what happened.

• The Group registered a loss before taxation of RM 52.7 million for the current quarter compared with a profit before taxation of RM 0.8 million in the preceding quarter. The unfavourable results for the this quarter were principally due to the provision of impairment loss of RM28 million, the written off of assets amounting to RM 7.8 million, share of start up losses of RM 6.2 million from the jointly controlled company and lower sales in Consumer Division.

Past blog postings:

Silver Bird
Silver Bird: Part II
Silver Bird: Part III
Silver Bird: Part IV
Silver Bird: Part V
Silver Bird: Part VI
Silver Bird: Part VII