Post Reply
221-240 of 690
after i bought ...drop...anyone esle bought? mr bon? do you see bbs here?
Baker Technology posts 71% fall in 4Q net profit to $6.4m
| WRITTEN BY THE EDGE |
TUESDAY, 22 FEBRUARY 2011 22:50 |
Baker Technology, the Mainboard-listed manufacturer and provider of specialised marine offshore equipment and services for the oil and gas industry, says net profit for 4Q ending Dec 31 fell 71% y-o-y to $6.4 million.
Revenue was up 39% to $21.6 million as compared to a year ago, mainly due to the progressive recognition of revenue from new orders secured in early 2010. However, due to the absence of higher value contracts for fabrication of specialised steel structures that were in the final stages of completion (where higher margins were also recognised) as compared to the same period a year ago, gross profit decreased 18%, from $13.9 million in 4Q2009 to $11.5 million.Administrative expenses were 23% higher at $2.9 million due to higher professional and legal fees. Other expenses, mainly foreign exchange losses due to the weaker USD, fell sharply from $1.5 million to $0.2 million in the current quarter. Share of results of PPL Shipyard was nil as PPL Holdings was disposed of during 4Q 2010.
The group’s net order book stood at US$33 million ($42.2 million) as at end December 2010, from US$20 million as at end September 2010. This was also a vast improvement from the net order book of US$7 million a year ago. These orders are expected to be completed within the next 12 months.
There are plenty of cash cows everywhere if not here, could be overseas in emerging countries such as Brazil, Russia, India or China.
When faced with a huge investments profits, shrewd business decision is always to grab that opportunity fast before evaporate into thin air !
whaz, cash cow wants to sold ?? ? btw what's install for them to milk in the future !!! !! !
Amendments: The
potential sale of 15% stake of PPL to Yangzijiang for a US $116 profit (book value
$10M) is still very much alive and with oil and gas prices moving up,
the upside is already written on the wall. Looks like the long
consolidation and accumulation has ended and upside movement is highly possible.
PPL
Shipyard is an integrated rig design and rig building yard with proven track
record in
the building and servicing of world class proprietary jack-up and semi-submersible rigs. To-date, the shipyard has built over 40 jack-ups and 4 semi-submersible rigs.
The company has great potential, is profitable with $20M profits for the last 9 mths and awarded a huge contract recently.
Refreshing some extracts from past SGX records:
CLARIFICATION
OF PRESS RELEASE ISSUED BY SEMBCORP MARINE
LTD (“SCM”)
ON 12 AUGUST 2010 (THE “SCM PRESS RELEASE”)
The key issues of the SCM Litigation (as set out in
Section 12 of the Circular), including, inter alia, whether the implied terms in the Joint
Venture Agreement and the supplemental agreement dated 5 July 2003 alleged by SCM on
its pre-emptive rights to the 15% shareholding interest in PPL Shipyard held by PPLH
and E-Interface exist and whether the Joint Venture Agreement between SCM and PPLH
subsists, will be decided at trial.The Company will keep shareholders apprised of any
material developments, where appropriate.
By Order of the Board
Baker Technology Limited
Aw Seok Chin
Company Secretary
14 August 2010
UPDATES IN RELATION TO THE PROPOSED DISPOSAL
The Board of Directors of the Company wishes to
announce that the Purchaser and the
Company have agreed:
(a) to vary the terms and conditions of the
Agreement by extending the Long Stop Date from 27 October 2010 to 27 April 2011; and
(b) to extend the long stop date of the Escrow
Agreement from 27 October 2010 to 27 April 2011.
All other terms and conditions of the Agreement
remain unchanged.
By Order of the Board
Baker Technology Limited
Aw Seok Chin
Company Secretary
26 June 2010
The potential sale of 15% stake to PPL for a US $116 profit (book value $10M) is still very much alive and with oil and gas prices moving up, the upside is already written on the wall. Looks like the long consolidation and accumulation has ended and upside movement is highly possible.
Can anyone advise since this burger came down all the way and what is the potential? Oil & Gas are coming up again and hopefully this stock due for rally soon
bullcrap counter at its best again..
Sold my 40 lots at 0.41, Immediate bought Genting HK @ 0.505.
Just sold Genting HK @0.52. Now go eat chicken rice.
Baker??? Nonono...Bakery better...
me too.....why must force me to cut loss!
SELL !!!!!! Lost patience !!!!!!
the sell q is always so long.........y???
So many counters cheong, this one still lagging behind.........
another week of disappointment awaits
time to short
wonderful stock. so consistent in its green red red pattern
The Group has no bank borrowings.
Consequently, shareholders‟ fund increased from S$99.5 million as at 31 December 2009 to S$113.3 million at 30 September 2010.
Net asset value per share as at 30 September 2010 stood at 16.6 cents, up from 15.2 cents.
Order book
As at end September 2010, the Group‟s net order book stood at US$20 million, marking a recovery from the low of US$7 million as at end December 2009. These orders are expected to be completed within the next 12 months.
Flyordie ( Date: 02-Nov-2010 21:52) Posted:
Media Release
Baker Tech reports net profit of S$20.3 million for 9M 2010
Revenue 13.8 28.8 (52) 26.8 63.7 (58)
Cost of goods sold (9.3) (9.0) 3 (13.4) (26.3) (49)
Gross Profit 4.5 19.8 (77) 13.5 37.4 (64)
Share of Associates 0.03 0.03 - 0.3 (0.5) NM
Profit before tax 0.5 21.6 (98) 21.9 35.8 (39)
Net Profit 0.08 18.7 (99) 20.3 30.2 (33)
Basic EPS* (cents) 3.03 4.76 (36)
Diluted EPS+ (cents) 2.09 4.74 (56)
* based on a weighted average number of 670,473,313 ordinary shares for the financial period ended 30 September
2010 (30 September 2009—634,201,369)
+ based on the number of ordinary shares in issue during the financial period ended 30 September 2010 adjusted for
dilutive effect of 300,312,934 warrants (30 September 2009—2,788,298 warrants).
2 November 2010 – Baker Technology Limited („Baker Tech‟ or „the Group‟) 巴克科技有限公司,
a SGX-ST mainboard-listed manufacturer and provider of specialised marine offshore equipment
and services for the oil and gas industry, has reported a net profit of S$20.3 million on group
revenue of S$26.8 million for the nine months ended 30 September 2010 (9M 2010). For the
quarter ended 30 September 2010 (3Q 2010), the group achieved a group revenue of S$13.8
million and a net profit of S$82,000 due mainly to the slowdown in the global oil and gas sector.
3Q 2010 Performance
Revenue fell 52% to S$13.8 million as compared to a year ago. Order intake had slowed down
significantly in 2009 as many oil and gas projects were delayed due to the global economic crisis.
However, the Group began to feel the impact of the slowdown in the global oil and gas industry
only after 3Q 2009 as it was still completing the backlog of orders secured in earlier years. Order
intake has started to resume early this year and 3Q 2010 revenue had in fact, doubled from the
S$6.8 million reported in 2Q 2010.
Gross profit was down 77% from S$19.8 million to S$4.5 million due to lower gross margins as
most of the current projects are still in the early stages of completion.
Administrative expenses decreased from S$2.0 million to S$1.8 million in 3Q2010 due to lower
payroll expenses, which was however partially offset by higher professional and legal fees.
Contribution from its 49%-owned associate, York Transport Equipment Asia (“York”) held steady at
$31,000 for 3Q2010 as compared to a year ago.
BAKER TECHNOLOGY LIMITED
Company Registration No.: 198100637D
2
The Group suffered a foreign exchange loss of S$2.4 million as the US dollar weakened against
the Singapore dollar, resulting in a lower net profit of S$82,000 in 3Q2010. For the period under
comparison, the US dollar had weakened approximately 6%.
9M2010 Performance
Revenue decreased 58% to S$26.8 million for 9M2010, reflecting the lingering effects of the
slowdown in the global oil and gas industry. Consequently, gross profit fell 64% to $13.5 million.
Gross profit margin was about 50% for 9M2010, due to the recognition of profits on several
projects which were either completed or near completion during the first half of the year, as well as
a write-back of unutilised warranty provision of approximately $1.7 million in 9M2010.
Contribution from the Group‟s 49% stake in York reversed from a share of losses of S$512,000 for
9M2009 to a share of profits of S$262,000 for the corresponding period this year. This is due to an
improvement in trailer axle industry and a strong demand for its products in the Indian market in
recent quarters.
Net profit for 9M 2010 declined from S$30.2 million to S$20.3 million.
Strong Financials
Net cash used in operating activities for 9M2010 was S$0.4 million, down from S$3.5 million in the
previous quarter due to higher project progress billings and increase in business activities. The
Group‟s available cash and cash equivalents remain healthy at S$72.7 million as at 30 September
2010, up from $67.8 million a year ago. This is mainly attributable to the net proceeds from
conversion of warrants and dividend income from PPL Shipyard, after deducting dividends paid out
to shareholders earlier in the financial year. The Group has no bank borrowings.
Consequently, shareholders‟ fund increased from S$99.5 million as at 31 December 2009 to
S$113.3 million at 30 September 2010. Net asset value per share as at 30 September 2010 stood
at 16.6 cents, up from 15.2 cents.
Order book
As at end September 2010, the Group‟s net order book stood at US$20 million, marking a recovery
from the low of US$7 million as at end December 2009. These orders are expected to be
completed within the next 12 months.
Outlook
According to its International Energy Outlook 2010 (July 2010), the Energy Information Administration
(EIA), a U.S. forecasting agency, expected total global energy demand to grow by 49 percent from 2007
to 2035, with developing countries like China and India driving the bulk of the increase. EIA added that
although renewables are the fastest-growing source of world energy supply, fossil fuels are still set to
meet more than three-fourths of total energy needs in 2035.
“The long term fundamentals of the marine and offshore oil and gas industry are still very
promising especially after the Macondo oil spill at the Gulf of Mexico earlier this year. The
oil and gas industry is moving with greater urgency towards higher safety standards and
this spells opportunities for Baker Tech; our specialised equipment are widely recognized
as best-in-class and conforms to the highest industry standards.
We expect FY2010 to be a profitable year, with positive contributions from our core
operating business and investments.”
|
|
cut n move yr $ to somewhere else will grow quicker
