Turnover for the Dec quarter was 221+ million and GP was 22+m. This is after providing a further 5 million for write down on inventories. Slight dent on margins noted but not too much of concern.
More interesting observation is Penergy's investment in Associate company (30%) involved in KBM cluster Risk Service Contract awarded by Petronas.
Penergy has employed RM 190 million in Investment and Loan to the Associate. This translate to 36+ % of Penergy's shareholders funds. KBM cluster it seems has already produce 4 million barrels thus far. As its a major and significant investment by Penergy, why the Management's deafening silence vis a vis information with regard to the business progress on this KBM cluster investment. Perhaps its about time Penergy sets up an Investors Relationship Dept to handle corporate issues.

Its pleasing to note better results for 2014 and better dividend payout. Congratulations however, the Board needs to elaborate more on Company's investment in the KBM cluster. There is no mention at all in activity progress except to note that Advances to Associate company has increase to some RM 150 + million.When is this going to be repaid? From what can be read from research reports KBM cluster has already produced 4 million barrels thus far and if so Petronas, the owner of KBM would have to a large extent paid off the capex by now. Question, why no mention of activity progress even by way of note in the Accounts as this segment is part of Penergy's core business. Whisl't It can be appreciated that disclosures of KBM activities has to get prior Petronas consent, Penergy's Management need to address this obvious lack of information flow with regard to KBM activities and progress to investors. Timely informative activity report on KBM cluster investment should be made available to investors at large as they would then begin to understand value it brings to Penergy group, Notwithstanding the above lack of information flow, one must congratulate Penergy for taking on the KBM cluster investment and turning it into a great investment. Just please provide investors with timely reports on this very profitable KBM cluster investment.

My point is that why EPF condone to Citibank consistently selling Air Asia shares, a profitable Aviation company unlike MAS UNLESS EPF IS NOT AWARE NOR CARELESS.., when in all other stock markets , Aviation shares are riding high and higher.due to lower fuel prices. EPF, WAKE UP, ABOUT TIME, Malaysian stock market must the only Exchange that Aviation listed stocks are so under rated and undervalued.

Only Big consistent Seller of the Airt Asia shares is Citibank managing EPF's Air Asia shares. holdings. Crude oil price keeps sliding, conversely Airlines uses less fuel cost. Why Citibank keep selling EPF's Air Asia shares. Lesser fuel cost translate to lower operating cost and therefore higher profits everything being equal. EPF please wake up. Citibank is only trading shares and making a fee out of it. They got no risk at all. Only EPF allows Citibank to sell such good shares. EPF ,you are supposed to look after our retired monies.. Pl;ease invest wisely, do not go short term ie trading.
You must start thinking how to seek long term investments rather than outsourcing to so called fund managers trading on EPF investments. EPF, PLEASE WAKE UP, YOU ARE A LONG TERM INVESTOR, PLEASE ADHERE TO IT AS LONG AS YOU SEE VALUE. YES, THERE ARE SHORT TERM GAINS ON TRADING BUT BUT IS IT YOUR OBJECTIVE. SURELY YOUR PRIMARY AIM IS TO INVEST OVER A LONGER TERM, PERHAPS LONG TERM EQUITY OR DEBT TO ENHANCE COMPANY'S BUSINESS GROWTH AND THEREFORE FUTURE SUCCESS LEADING TO BETTER PROFITS AND DIVIDENDS.;

This level of profits is expected and it is achieved from its traditional businesses of hook up and commissioning, topside major maintenance and offshore service vessels.However,take note in 2015 and onwards,, additional income stream from KBM RSC cluster starts as Company can only account income /remuneration fees from KBM RSC cluster after reimbursement of capex which is expected to be fully reimbursed by end of 2014 /early 2015. By then, Company will be in a very strong cash position and having recurring remuneration fees. Then we should be seeing profit levels at RM90 + million per year

Refer to Public Invest Nov 6th report for valuation. Target price 2.80+ based on existing business .Take note now KBM RSC is producing 20000+bpd , capex is expected to be fully repaid by end 2014/early 2015. and profits from the RSC to accrue and accounted in 2015. After capex paid back from KBM cluster investment, Company cashflow will be very strong. Profits for 2015 will also include maiden contribution from KBM RSC (8 years service contract ) Good level to start accumulating shares. Good luck

Like all oil and gas counters, downgraded by 30% from its previous high.But take note with low volume. High of 3+ and now only 2 ringgit. I believe certain traders simply traded on the shares on the back of the sliding crude oil price. good luck to them . Howevewr be guided by value. Note the NTA is 1.51 so not much room to go down