At the time of writing, Ingress is at 0.355 sen. UP an incredible 86.8% in today's trade!!!! (It was trading as high as 0.39 sen at one time!)
The intraday chart belows captures the action.
Here is how Ingress has been faring the past year. As you can see it has been doing rather POOR.
There were some rather justifiable reasons why. As blogged before.
Ok, Ingress reported its earnings last night.
It made 587 thousand for the quarter. Surely this is not a justifiable reason to go punting on the stock. :D
Then I saw this news on Business Times. Ingress clinches RM61.9m TNB deal
- AUTO parts maker Ingress Corp Bhd (7112)has clinched a RM61.9 million contract from Tenaga Nasional Bhd (TNB).
The project involves a diversion of cable to a power station and the supply, building and commissioning of an auto transformer.
Work will take between 13 and 24 months.
It looked like such a postive set of news.
However... as posted before Regarding Ingress Corporation Again, PER or (power, engineering and rail projects) is one segmental business in which Ingress has FAILED to produce!
Let me reproduce and update some new numbers from the posting Regarding Ingress Corporation Again
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Let me share something about its PER (power, engineering and rail projects).
new.. fy 2009. Quarterly rpt on consolidated results for the financial period ended 31/1/2009 (Ingress lost some 39.9 million for the fiscal year!)
pg. 10. the Power Engineering and Rail Electrification (PER) division together with its associate companies registered a loss before tax of RM2.3 million and revenue of RM11.2 million as against previous year corresponding quarter loss before tax of RM1.6 million and revenue of RM15.3 million.
new... fy 2008. Quarterly rpt on consolidated results for the financial period ended 31/1/2008 (Ingress lost 10.958 million for the fiscal year)
pg13. The Power Engineering and Rail Electrification (PER) division together with associate companies registered a profit before tax of RM1.04 million whereas units categorised under Others recorded a loss before tax of RM2.90 million
1. fy 2007. Quarterly rpt on consolidated results for the financial period ended 31/1/2007
pg 16.
Power Engineering (PER) registered a loss before tax of RM7.58 million while rail electrification associate contributed RM6.76 million to result in an overall PER loss before tax of RM0.82 million.
2. fy 2006. Quarterly rpt on consolidated results for the financial period ended 31/1/2006
There was a 50% increase in revenue for PER. Both PER and rail electrification associate benefited from the satisfactory progress of the projects undertaken. (Ingress PER had a profit of 1.3 million)
3. fy 2005. Quarterly rpt on consolidated results for the financial period ended 31/1/2005
PER recorded improved revenue of 27% from preceding quarter but did not achieve favourable result due to losses in the existing substation and transmission works as mentioned above. (Ingress PER recorded losses of 3.567 million)
4. fy 2004. Quarterly rpt on consolidated results for the financial period ended 31/1/2004
PER and associate company, Balfour Beatty Rail Sdn. Bhd., experienced slowdown in progress. Despite the favorable increase in revenue from preceding quarter, PER had to contend with the extra costs associated with the additional time to complete the projects and the unfavorable foreign exchange on the Euro. (Ingress PER made a profit 69k for the fiscal year)
5. fy 2003. Quarterly rpt on consolidated results for the financial period ended 31/1/2003
Despite the high turnover, PER had to content with costs related to delays for which possible compensation has not been considered. (Ingress PER made 417k for the fiscal year)
So Ingress's PER (power, engineering and rail projects) business, it's rather not too exciting eh? And if you total the last 5 year's performance, its PER division simply lost money!
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And after adding in the latest two fiscal year earnings, I can just copy and paste what I had written before.
So if you add up the numbers from fy 2003 to fy 2009, Ingress's PER (power, engineering and rail projects) business, it's rather not too exciting!!! Its PER division is simply losing money.
So this morning, you have Ingress getting a rm61.9 million contract from TNB.
Do you reckon I would go over the moon because of this contract?
Do you reckon that this set of news justify the incredible stock performance in this morning's trade?
How?
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