I don't know whether 4Q17 interest payment truly reflects the actual interest saving from July 2017 Debt restructuring-----If it is Not then 1Q18 profit will solely comes from reduced interest payment... could be 10's of millions
The Board of Directors of the Company wishes to announce that the Company has today received the Notice of Registration of New Name dated 21 May 2018 issued by the Companies Commission of Malaysia.
Accordingly, the name of the Company has been changed from "UMW Oil & Gas Corporation Berhad" to "Velesto Energy Berhad" with effect from 21 May 2018.
Velesto Chairman naikkan gaji RM307,000 kepada enam(6) independent directors..... PM Tun Mahathir turunkan 10% gaji Menteri2... Both execute their decisions because business is not going on so well... Which one has got it right, you wonder.... ?
1Q18 is most likely the worst quarter in 2018-----i am expecting profit around 8--10m in "Red " but if change to abit "Green" it will very great ( due to reduced Finance cost from 2.1B injection from Pnb)
Seriously, board meetings are held monthly. The management is always occupied with board paper preparation instead of focusing on operations. Despite monthly board meetings all this while which mind you, the directors will get some allowance from attending them, it is not showing any result. Again look at the profile of these directors and see how many of them are actually oil and gas service contractor background.
wow.. its a green.. well done! even though revenue lower and drilling operation still at loss, this is good sign considering jan-mar brent around 60-70usd.. we can tell coming qtr will be better and if new contract awarded will fly to german..
In the first quarter of 2018, the Drilling Services segment contributed revenue of RM118.0 million or 96.9% of the total revenue of RM121.8 million, an increase of RM47.1 million or 66.4% over the RM70.9 million recorded in the same quarter of 2017. Out of the seven jack-up rigs, five were income-generating, whereby four of them contributed full-quarter revenue in the first quarter of 2018. The average asset utilisation rate was 65% as compared to 26% in the same period of 2017. As a result, the Drilling Services segment incurred a significantly lower loss before tax of RM18.1 million in the first quarter of 2018 compared to the loss of RM96.1 million reported in the same quarterof 2017, an improvement of RM78.0 million or 81.2%
The Group is presently focussing on securing more contracts and improving operational efficiency. The potential improvement in both utilization and operating cost is expected to contribute positively to the financial performance of the Group for the financial year 2018
last time got an O&G company name start with V,i forgot the name,listed a couple of years and kena PN 17. ValesTO not a good name. TO means bangrupt in hokkien.....hahaha
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
tallman
922 posts
Posted by tallman > 2018-05-21 23:48 | Report Abuse
I guess the q rpt is red.if not PBN wouldn't thrown 5 mil of shares.