Friday, May 15, 2009

A Quick Look At Scomi Group's Latest Earnings

Had not posted an update on Scomi Group for a long time.

Here are some older postings done on Scomi Group.

From that last posting, Update on Scomi Group

  • Scomi group announced its earnings last night. Now I will add in Scomi latest earnings to my comments in bold blue.

    For its fiscal year 2003, Scomi Group announced an earnings of 14 million.
    For its fiscal year 2004, Scomi Group announced an earnings of 61.4 million.
    For its fiscal year 2005, Scomi Group announced an earnings of 151.692 million.
    For its fiscal year 2006, Scomi Group announced an earnings of 84.545 million.

    ( And its fiscal year 2006 earnings is achieved on the back of its sales revenue increasing from 1.067 BILLION to 1.575 BILLION. WOW! Incredible. Despite an increase of its sales revenue by as much as 500 million, its earnings fell from 151 million to 84.545 million!!)

    Let's compare some key balance sheet items mentioned before. New comments in bold blue.

    Cash is at 87.595 million. (Cash now is at 301.518 million.)
    Trade receivables has increased to 438.430 million. (    Trade receivable is now at 497.968 million.)
    Group's borrowings is not at 918.363 million. (Group borrowings is now at 1.330 BILLION!!)

Scomi announced its earnings last night. ( Yeah, some would insist that I am nuts to talk about fundamentals when the current sentiments clearly indicates a trading market! Yes, screw them fundamentals! :p2 )

Anyway let's have a look again.

For its fiscal year 2003, Scomi Group announced an earnings of 14 million.
For its fiscal year 2004, Scomi Group announced an earnings of 61.4 million.
For its fiscal year 2005, Scomi Group announced an earnings of 151.692 million.
For its fiscal year 2006, Scomi Group announced an earnings of 84.545 million.
For its fiscal year 2007, Scomi Group announced an earnings of 257.149 million.*
For its fiscal year 2008, Scomi Group announced an earnings of 116.553 million.

*note 2007, see q2 earnings. Earnings was distorted in a positive manner due to disposal of its holdings in Scomi Oilfield limited*

On Feb 2009, Scomi announced it made some 40 million. Quarterly rpt on consolidated results for the financial period ended 31/12/2008

Last night. Quarterly rpt on consolidated results for the financial period ended 31/3/2009. Scomi announced its earnings were only some 9.5 million!! (Same quarter a year ago, it made some 21 million) oO

The following is a newsclip on Business Times.


  • Scomi Group Q1 net profit drops

    Published: 2009/05/15

    OIL and gas services provider Scomi Group Bhd(7158) said its first-quarter net profit dropped by more than half from a year ago, due to higher financing, raw material and personnel costs.

    Net profit for the January-March quarter was RM9.5 million, compared with RM21.8 million in the same period last year.

    In its filing to Bursa Malaysia yesterday, the group said the decline in net profit of RM12.3 million, or 56 per cent, was mainly attributable to the higher cost of raw materials, higher personnel costs with additional manpower especially in the energy and logistics engineering division and increase in finance costs.

    Revenue was RM528.2 million, up 10.8 per cent from RM476.7 million a year ago.

    The major contribution came from its oilfield services and the energy and logistics engineering divisions, which collectively generated 93 per cent to the group's revenue.

    Scomi Group said the uncertainty surrounding global markets, weaker consumer demand and tightening credit will continue to impact its performance in 2009.

    Recognising the challenges ahead, the group said it will continue to practice prudent cash and risk management together with measures to improve cost savings and productivity.

I was also curious on some of the key balance sheet issues mentioned last time. I would mark the current numbers in green.

1. Cash is at 87.595 million. (Cash now is at 301.518 million.) Cash is now 135.191 million.

2. Trade receivables has increased to 438.430 million. (Trade receivable is now at 497.968 million.) Trade receivables is now at 862.085 million!!!!!!!!!!!!

3. Group's borrowings is now at 918.363 million. (Group borrowings is now at 1.330 BILLION!!) Group's borrowings is now at 1.273 Billion.

How now my dearest Brown Cow?

ps... I have no idea how Scomi Group stock will trade. If you make or don't make money, you do not have to thank me. :D

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