RAMUNIA HOLDINGS recorded a Net Loss of RM5.56m for 1QE Jan 31, 2009 against a Net Profit of RM5.70m a year earlier on the back of a 18.4% decline in Revenue to RM89.9m from RM110.2m previously.
RAMUNIA in an EXCHANGE filing on Mar 31, 2009 said that the lower Turnover was due to a lower Order Book. A look at the Company's P&L showed its Finance Cost for the quarter nearly doubling y-o-y to RM6.9m from RM3.6m.
In comparison with the previous year's corresponding quarter, all of RAMUNIA's divisions, including oil and gas and crane manufacturing, reported losses. The oil and gas division had recorded a profit of RM8.4m a year earlier.
FOCUS ON OFFSHORE FABRICATION WORKS
Going forward, RAMUNIA said that it would continue to concentrate on the fabrication of offshore oil and gas related structures and other related works.
RAMUNIA hit a rough patch at the end of 2008 when MISC aborted a RM3.2 bil reverse takeover of the Company, citing unsatisfactory due diligence findings.
The Company added that it will endeavour to " .... resiliently focus on further strengthening the execution of the existing secured Order Books from oil majors such as WOODSIDE AUSTRALIA, SARAWAK SHELL and PETRONAS CARIGALI sb and undertake the appropriate operational measures in the best interest of the shareholders of RAMUNIA ....".
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