Wednesday, November 30, 2016


- Shocking 4QFY16 net loss of US$339.6m (4QFY15: US$7.8m loss), which ballooned FY16 loss to a whopping US$887.7m, wiping out FY15 profit of US$43.7m.
- For the quarter, revenue fell 8% from lower activity.
- The group swung from a gross profit of US$16m in 4QFY15 to a gross loss of US$29.9m.
- Bottom line was further dragged by impairment losses totalling US$270m.
- Operating cash flow tightened to US$35.9m (-5.5%) in 4QFY16 (FY16: US$51m outflow), net gearing spiked to a precarious 3.1x from 1.5x in 3QFY16.
- Accordingly, NAV/share shrank 71% q/q to US$0.0793 ($0.113) and the stock now trades at a P/B of 0.4x. However, P/B may not be a good measure for companies where asset values are inflated and are at risk of massive write-downs.

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