Ramba

Ramba: Reported a 2Q13 net loss of $3.5m from earnings of $0.3m in 2Q12. This was mainly due to a $3.8m write-back on the provision for doubtful cash call from its joint venture partner. Revenue dipped 3.3% to $18.6m due to lower production of gas from Jatirarangon as a result of natural declining rate. Ramba is currently working towards development of its recent discoveries at the Lemang block, which the group will proceed towards commercial production. Given the E&P nature of the business, the group expect to continue incurring high capital costs to fund its activities, which will evidently put a strain on its net cash position of $5.1m. NAV declined 8.5% to 19.36cents.