MEGB (Masterskill) finally released it's latest quarter result today. Yes, as expected and predicted from all analysts, it is a very disappointed outcome.
MEGB's Q3 2011 net profit has dropped for almost 80% compared to previous Q3 2010, mainly due to poor revenue of 24% and continuously high expenses. High expenses is okay. But MEGB has started 3 consecutive quarter results with lower sales with higher expenses. And this quarter is the worse ever, due to the same reasons given in last quarter report.
As per prospect comment from the report, it still talk about the same craps like previous quarter. As mentioned in my previous post, I have totally loss confident in this company. The stupid comment under prospect even make me more sick. It mentioned that the directors are confident of achieving satisfactory results for the full financial year of 2011 given prevailing market conditions. Oh come on, how to consider achieving satisfactory result if the outcome is 50% poorer than last year? This is call Confident when you deliver poor result? What? It's totally craps. Sorry, I cannot accept it as an investor.
Okay, I better stop complaining. I admitted that I made a mistake in picking MEGB as part of my portfolio and repeating mistake that I was holding it for too long. As a result of dim future prospect and suspicious management quality, I have offloaded all my MEGB shares on last week at the price of RM1.36 and put it as a full stop.
Well, perhaps that's the major problem on new listed company, no historical and proven record. It's the same like HOMERIZ which I encountered the same problem, but at least I do like it's management quality. Anyway, I do like to take the risk as it may provide me huge potential return. Now I'm putting my hope on AMEDIA and PCHEM.
Happy Investing, folks.
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