More Shocks At Scan's Other 'Financial' News!

If you were shocked reading this morning's posting, Regarding Scan Associates!, you would be even more disappointed at the version posted on Star papers, Scan sees more revenue from abroad

• SHAH ALAM: Scan Associates Bhd expects its overseas revenue contribution to increase to 40% this year from 30% in 2007.
  
  Executive director Prof Datuk Dr Norbik Bashah Idris said this was partly supported by the continuous growth of its business in the Middle East.
  
  “We hope to grow the managed security services (MSS) contribution to our overseas revenue. The majority of our overseas business currently comes from the MSS segment,” he said.
  
  Norbik said this after an agreement signing yesterday that will see Scan providing MSS to Credit Guarantee Corp Malaysia Bhd (CGC).
  
  The three-year contract covers network security monitoring services as well as the monitoring of CGC's information and communications technology (ICT) devices.
  
  “Being chosen by CGC is a testimony of our overall expertise, commitment and reputation as the leading ICT security solutions provider in Malaysia,” Norbik said.
  
  “The contract with CGC is expected to contribute positively to Scan's bottom line, providing recurring income over the next few years.”
  
  The MSS division contributed 44% of the group's total revenue last year, up from 25% in 2006. It recorded a subscriber growth of 15% due to strong take-up from the banking, finance and public sectors.
  
  CGC managing director Datuk Wan Azhar Wan Ahmad said strategic control of information and information technology (IT) infrastructure was critical to CGC's business growth and success.
  
  “By having a technically sound IT infrastructure and workforce, we will be able to be more customer-centric and focus on enhancing our services further,” he said.

By this article alone, wouldn't the reader gets the impression that perhaps Scan Associates is a gem of a company?

Look at how growth is splashed all over the article!

• The MSS division contributed 44% of the group's total revenue last year, up from 25% in 2006. It recorded a subscriber growth of 15% due to strong take-up from the banking, finance and public sectors.

No where did it state that Scan Associates lost a whopping 10.4 million for it's first full fiscal year after listing.

No where did it state that Scan Associates lost money for the first quarter of this fiscal year.

No where did it state that for its last report earnings, Scan Associates only had a mere sales revenue (note: revenue and not profits!) of only 3.9 million!

How?