Tuesday, May 27, 2008

MUI - Quarter 1 '08 Review


MUI deliver an OK results but less exciting compared to previous quarter because of seasonally low trading quarter and also challenging operating business environments. Despite of that, losses cut by half compared to prior year. Comparing to previous quarter, Q1 '08 losses was RM 13 million vs. net income of RM 52 million. This mainly due to lower top line and lower contributions from associated company.

All operating units are profitable. If I owned the whole company, I should be quite satisfied with the company progress. The only complaint I have is they are slow to get rid of debts even though they are sitting on a pile cash. Those projecting using last quarter will be disappointed, let's see how the market react tomorrow(May 28,08).

2 comments:

TOTOMASTER said...

wats with the investment holding loss of over 30m? big difference with the 4Q07...

Turtleinvestor said...

RM 25 million finance cost is the big bulk of it. It was there too in Q4 '07.

But the operating income was much stronger during year end Christmas sales, strong brokerage income and etc that boosted Q4 '07.