Posted by calvintaneng > 2019-05-30 12:45 | Report Abuse

Recovery may take longer than expected. The discrepancy in our forecast versus reported numbers are actually due to the Pulai A Plug & Abandonment project. Although contributions improved this current quarter, recognition was below expectations. This is mainly due to the extension of the contract’s lifespan to Sept 2020 from June 2019 initially. Hence, earnings contribution will be spread over up to 1QFY21. While it is making good progress, works are taking longer than expected, with 30 days spent per well from the previously guided of 17 days/well. Uzma is currently working on well #7 from a total of 22. Total Group orderbook currently stands at RM1.3bn, with RM800m in firm contracts and estimated RM500m likely from umbrella contracts. Tender book remains healthy at RM3bn.


PUBLIC BANK IB DIDN'T TALK TO MANAGEMENT


GOOD!!!

ACCORDING TO MR BONG OF UZMA

NORMAL WELL DECOMMISSIONING TAKES 10 TO 14 DAYS

IF GOT DELAY BETTER AS PAYMENT IS COMMENSURATE PER JOB IN TIME DONE

SO 30 DAYS ANYTIME BETTER THAN 14 DAYS

THAT MEANS MORE PROFIT (AND EXTENDED PROFIT) IF CONTINUES TILL YEAR 2020

DON'T MISREAD FINANCIAL STATEMENTS IF THESE ARM CHAIR ANALYSTS DON'T KNOW ACTUAL STATUS

CALVIN TAN RESEARCH CALLS FOR BUY UZMA ON WEAKNESS