OilCorp Cannot Publish Its Earnings Due To Staff Shortage!

Totally shocking, really!

I just cannot believe what I am reading here.

• OILCORP Bhd said it would not be able to publish its unaudited fourth quarter results on time, which is due by February 25, because of a shortage of staff.
  
  Its request for more time was rejected by Bursa Malaysia and its shares will be suspended from trading on March 8.
  
  It will only be able to release its quarterly results after the full year numbers are audited.
  
  It expects to issue the audited full year numbers and the outstanding fourth quarter results on April 30, it said in a statement to Bursa Malaysia.

Just totally unreal!

Here we have, a public listed company, telling everyone it cannot publish its earnings due to shortage of staff!!!!!!!!

OMIGOSH!

Surely they could have come out with a much better excuse than this.

Are they (OilCorp) attempting to turn Bursa Malaysia into a circus with excuses like this? I guess the threat of having their shares suspended by Bursa Malaysia matters not for this company!

Now this is one stock that I had blogged many times before.

1. 17th July 2007: OilCorp

OilCorp was listed via a RTO of Abrar Corp back in 2003. And its early years, OilCorp was rather aggressive in the local media. Always giving rather optmistic outlook. They once even told the press that they were bidding rm 1 billion worth of contracts! Yeah, as some would say, talk is always cheap. Then came the bombshell on March 2005: PRESS RELEASE ISSUED BY SECURITIES COMMISSION

OilCorp was ordered to re-state its fiscal 2003 year earnings. How ironic. OilCorp was also listed in 2003. As Errol Oh of the Star said:

• If the extraordinary items were reclassified, Oilcorp's operating profit of RM20.9mil for 2003 would become an operating loss.

Couple of months later, it struck 'gold' and the shares soared when it announced its fishery offer: Offer to Lead the Formation of the Konsortium Perikanan Nasional Berhad (''KPNB'') by the Ministry of Agriculture and Agro-Based Industry (''MOA'')

2. 20th July 2007: OilCorp II

OilCorp - the stock became hot. It started talking about listing its property arm in London AIM!

I, of course, was not impressed.

• Will OilCorp property arm be able to list on AIM next year? I have no idea but that's OilCorp's aim and yes it's always great to have a goal in each company but as it is, this property arm of theirs simply does not have a good track record, yes?
  
  And yes OilCorp share has been rising.
  
  All I can say is do not confuse a lousy share with a bull market!
  
  In a hot market any share does stand a possibility of rising.
  
  However, to use fundamental reasoning as a reason to buy this share is simply a pure insult to all investors!

Here's an update! Feb 13th 2010.

• Saturday February 13, 2010
  
  Oilcorp cancels unit’s London listing proposal
  
  PETALING JAYA: Oilcorp Bhd has resolved to abort the earlier proposed listing of its property division, the company said in a filing with Bursa Malaysia yesterday.
  
  It had earlier planned to list its wholly-owned subsidiary, D’Tiara Corp Sdn Bhd, on the alternative investment market of the London Stock Exchange.

As expected, the listing proposal made in 2007, is now cancelled!

Rather shambolic, yes?

3. 26th July 2007: OilCorp III

I explained why the postings were made.

• Full agree with what you are saying here. The reason why I blogged about OilCorp was because there were a series of postings attempting to promote this stock at Sahamas. ( See this forum posting thread here at Sahamas: Oilcorp. ) I find it truly incredible for they were attempting to suggest OilCorp as a good buy based on fundamental reasoning. I was appalled because the events that surrounded OilCorp since its listing was incredible.
  
  In the first blog posting, OilCorp, from day one, there was the 'talk was simply cheap because supply is more than demand' syndrome. Huge boasts of billion dollar oil projects was suggested from the company since 2004. Till today, where's the projects?

4. 10 December 2008: Regarding The Plunge Of OilCorp Shares Today!

• OilCorp (3697.KU) hits limit down threshold, down 38.5% to 48 sen on requotation; stock suspended since May 20 pending reaudit of company's accounts for 2008 after discovery of discrepancies. Clarifies audited group PATAMI for FY07 is MYR3.975 million vs unaudited result of MYR15.41 million. Deviation of more than 10% between the two figures attributed to adjustments made to various costs and "adjusting events." Oilcorp also submitted yesterday 2007 annual report and quarterly results up to period ended Sept. 30, 2008. For 9-month period ended Sept 30, Oilcorp posted loss of MYR2.3 million from MYR262.4 million in revenue vs revised net profit of MYR11.9 million from revenue of MYR277.1 million in previous year. "The selldown is not surprising. Investors are just looking to conserve whatever cash they can. There's just way too much selling pressure after so many months of suspension," says dealer

Back in 2005, there were already issues with OilCorp's accounts. It happened again 2008!

Unreal, isn't it?

And what was most glaring for me was the 498.257 million in trade receivables!!!!

Yup, again the trade receivables issue!

5. 11 December 2008: OilCorp and Its Trade Receivables

I explained why I thought the receivables were an issue for me. Of course, I could be wrong.

Of course, I made a rather nasty prediction in that posting.

• And if you are interested, this stock even tried to do the nonsensical 1 for 10 stock split when the stock was trading at 1.30 (see forum posting: here at sahamas )
  Well now the stock is now around 40 sen.
  Pretty soon it 'might' get its wishes to trade around 13 sen!
  LOL!
  Ok, that was nasty on my behalf!

6. 24th Sep 2009: And OilCorp Comes Crashing Down Once More!

• PETALING JAYA: Spooked by the spectre of Oilcorp Bhd slipping into Practice Note 17 (PN17) status, investors sold down the stock yesterday, loping as much as 20% off the share price before the counter closed at 26.5 sen, a fall of 5 sen or 15%.
  
  Last Friday, Oilcorp said it had failed to make an interest payment of RM1.6mil because it did not have sufficient funds due to the delay in collecting certain large receivables.

The warning about the recivables came true! OilCorp starts defualting on interest payments!

7. 26th Sep 2009, a summary of OilCorp is posted again: Regarding Oilcorp

8. 17th Oct 2009. How Much Do You Really Care About OUR Stock Market?

• mydreamgetgold: Since our Securities Commission, the Star and NST are all sleeping, Malaysia Today should run a report of possible insider trading by Oilcorp Bhd directors. Recently, Oilcorp was slapped with the PN17 status and its shares tumbled. But before the announcement, its directors had been selling off their holdings relentlessly. Isn't that clear indication of insider trading? Look at the declaration published by Bursa.

The directors HAD BEEN SELLING OFF THEIR HOLDINGS RELENTLESSY!

HOW?

9. 31 oCT 2009: Another Default In Payment By OilCorp

.............................

It's now 2010. And OilCorp is telling Bursa Malaysia it cannot publish its earnings due to staff shortage!

Another proud day!

Sigh!

ps: OilCorp last traded at 9 sen!!