KLSE (MYR): ARMADA (5210)
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Last Price
0.55
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nikicheong
2,538 posts
Posted by nikicheong > 2024-02-28 12:47 | Report Abuse
“ Even though there has been no change to the contracted charter cash flows,
adjustment to the carrying value of Armada Kraken FPSO (impairment) was required
in Q4 2023 mainly due to the impact caused by accounting depreciation recognised
on a straight-line basis and the reduction in the charter revenue during the optional
extension period.”
Surely this amounts to accounting fraud? Armada Kraken’s carrying value has been inflated all this while. No changes to contractual terms. The lease revenue dropped was known right from the beginning!