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27 Nov 2018 : 富达公司又亏钱，透支恶化，第3季现金跌剩马币4百万比上季跌89%，毁约陪马币3百万，高抬债务马币6亿4千万，退休基金亏着退场原因你有所不知？

2018 Q3 highlight: RM488 mil "Account Receivable" is higher than RM380 mill "Shareholders Equity". Does it means that when the sky falls, the asset is a bottomless hole straight bypass to ground ZERO and enters the hell gate all together?

27 Nov 2018, 富达公司(PROTASCO BHD 5070) 第3季成绩市场早有料到，可以用惨淡经营来形容。2018年第3季又萌亏，年薪马币上千万的董事局和管理层竟然挤不出马币80万蒙羞？普通小股东对这般匪徒忍耐有限，是该以匪夷所思还是岂有此理来形容，见仁见智。

难怪退休基金（EPF）已经碰的一鼻子灰，近来更大刀阔斧斩仓匆匆离场。2018年11月14日（13天前）已经不是大股东。退休基金以马币1块钱以上买入，35仙以下卖出，一年亏了70%还是硬硬卖票，人民的血汗钱血本无归，谁来买单？跑路速度之快好像知道得比我们多，难道退休基金知道内情，风雨欲来，连3毛钱都不值得？

再看看年薪马币上千万的董事局和管理层，这不就是公司的赚利和股东的钱吗？一个季度就得花马币3百万养这班家伙，第3季80万的亏损钱哪里去了，你说呢？

Q3'2014-Q3'2018 | 挥霍无度，挖空现金，债务高筑

根据股票交易所报道，富达公司现金跌剩马币4百万，比上季跌89%。最近毁约无法摊还马币3百万被法庭下令即时摊还。公司高抬债务马币6亿4千万，股东净资产剩下马币3亿8千万，2比1的贡杠率公司基本上已经严重透支。公司生存已经危在旦夕。由2014年第3季开始到2018年第3季，管理层的败绩惨不忍睹，以失职形容实在太便宜了。匪徒强盗来形容也不为过。都亏成这样了，一斑高薪董事到底懂不懂事？

且看一年前退休基金被富达公司发放的虚假新闻和管理层夸张的财务报道误导进场，然后恍然大悟发现公司账目有诈，又匆匆忙忙狼狈退场，迹象显示富达公司不是什么市场因素导致资金外流亏损，或者更换政府等等借口。早在2014年第3季开始，可疑资金动向早已毕露。除了翻倍高涨的马币千万董事和管理层费用以外，借钱高派股息有虚胖的假象，业务毛利冲稀不说，“利他安排”的内部人士复杂交易好比给公司以外的集团利益大于给公司股东的利益，内情没这么简单。

根据公司季度报道分析，资金流显示根本就是有心人策划安排圈钱套现在外，是个可疑滥用职权炼金的商业刑事案因素在做祟。退休基金人才济济，被蒙骗后绝对会细心审查真相才狠心亏着卖。财务侦查证据确凿，东窗事发人头落地的迹象越来越明显。水落石出指日可待。

Q1'2019 | 天网恢恢，因果报应，大限已到？

退休基金会不会像发达国家一样以法律诉讼把狼狈为奸不负责任的董事局和公司高层告上法庭？以2014年第3季到2018年第3季(4年）的详细审查和分析，富达公司资金外流涉及的款项不下马币3亿，债务高筑达马币6亿4千万不说，马币4亿9千万的“应收款项”已经高过马币3亿8千万净资产，高危水平更是计时炸弹，随时爆发。这些辉煌敛钱业绩都是2014年第3季后的富达公司董事局和管理层干的好事，明目张胆，耍弄愚昧的股东和执法当局，简直无法无天。

如果小股东幸运的话，证劵委员会，股票交易所，所得税局和反贪局在公司被挖空前会不会介入，可能明年第一季前就有着落了。当真如此幸运？抱票的朋友慢慢等着吧。到时鸡飞狗走，残局留给“您”收拾了。

= 笔者：点秋香分析 =

片尾：现实点，要看下一季精彩片段到底是惨不忍睹还是重见天日，买票看戏吧。

27 Nov 2018: Protasco Q3 net loss, cash left RM4m, punished RM3m, debt RM642m, why EPF fled?

27 Nov 2018, Protasco Bhd (5070) 3rd quarter financial report is within market expectation, which is a disaster. The year 2018 quarter 3 is another disappointing loss-making quarter, which saw none of the "ten million Ringgit salaried" board of directors and senior management have the decency to fork out RM800,000 to cover their shame. The integrity and dignity of these soulless being is a joke or a pity is not up to you to judge unless you are one of the (victim) investors.

No wonder EPF which already suffered huge paper losses has recently further cut and realized all the losses in a rush. As of 14th November 2018 (13 days ago), EPF is no longer a substantial shareholder of Protasco Bhd. EPF bought Protasco shares above RM1.00 and has been selling down despite the price is now below RM0.35, or suffered more than 70% investment loss in less than a year. Who shall pay the bill for EPF? The way EPF sell down in a hurry seems to indicate bad things to happen to Protasco very soon, or perhaps insider information you and I don't know.

Looking back at Protasco's "ten million Ringgit salaried board of directors and senior management", their (RM10 million) immoral pay supposedly belongs to the company's profit and Protasco's shareholder's money. These soulless beings alone rake in RM3 million in a financial quarter doing nothing, and that explains where Protasco's RM800,000 quarterly losses came from. Can you see where is "your" money ended up with? 

According to Bursa Malaysia announcement, Protasco Bhd only has RM4 million cash left, or suffered more than 89% plunge in cash reserves compared to last quarter. The company recently refused to pay RM3 million to a creditor but lost the case and ordered by the court to pay. Company debt exceeds RM640 million, while the shareholders' equity plunged to RM380 million. Started from the 3rd quarter of 2014 until the 3rd quarter of 2018 (this quarter), the performance speaks. it would be a sin to describe the current board and management being negligence and would be more appropriate to call them thief and criminals.

Trace back to the entry of EPF which saw the fund buying into Protasco share after being deceived and induced by Protasco senior management by reading the fraudulently misrepresented news and research reports produced by Protasco. EPF after much forensic research found out that the Protasco numbers are questionable, and has nothing to do with the market condition or material changes in the road maintenance industry, as well as anything to do with the change of government. As early as 3rd quarter of 2018, money trail in Protasco seems highly suspicious and tends to go missing in a massive way over time. Except doubling the pay to the board of directors and senior management in exceeding ten Million Ringgit a year, the unrealistic dividend payout using bank borrowed money is artificially a guilt. The questionable transfer pricing in road maintenance contracts which saw unrealistic gross profit plunge to less than half of the industry benchmark, bundled with the questionable "sophisticated transactions" which seems to allocate "everything" to the third party, while left with "nothing" attributable to ordinary equity holders of the parent.

Q1'2019 | Judgement Day？

Would EPF follow the footstep of developed countries to take legal action against the board of directors and senior management of Protasco and claim for their losses suffered due to Protasco's misleading information published in Newspaper and Research Reports which deceived their investment decisions? Going through the numbers and facts from 3rd quarter 2014 until the 3rd quarter of 2018 (4 years), on record, the cash in Protasco which went missing is not less than RM300 million, while the debt had ballooned to over RM640 million. The RM488 million "account receivable" is already more than RM380 million shareholders equity, a benchmark which signals serious disaster. Protasco is a time bomb ready to burst anytime. These "marvelous track record" of shame happens after the 3rd quarter of 2014, is under the leadership of the board and senior management during those material time, recklessly and shamelessly committed all these questionable activities.

If the luck is on Protasco's small shareholders' side, perhaps the authorities such as SC, Bursa Malaysia, IRB, and even MACC might step in before 1st quarter 2019 to stop the bleeding and mess. Would minorities be so lucky to see that day comes true? If you still hold Protasco shares, at this price, perhaps you might just hang on and wait for a miracle to happen. When that judgment day comes, maybe "you" can help clean up the mess by casting your vote. This time, better do your homework and cast it right.

= Author: Spot the elephant in the room = 

original source: http://www.bursamalaysia.com/market/listed-companies/company-announcements/5985817

Quarterly rpt on consolidated results for the financial period ended 30 Sep 2018