Ze Creative Writer's Maggie Sauce!

So I have blasted Mr. Jose Barrock for his piece on Barrock On Mutiara

Unjustifiable?

Ahh...Me no simply-simply blast for no reason one. Here take a look at another of his creative works recently. ( See Nasioncom )

Have a look at a snippet from his creative arrticle:

It appears that there is a lot going on at Mesdaq-listed NasionCom Holdings Bhd. Sources say that NasionCom, a broadband telephone company, has been forging ties with several companies controlled by low key tycoon Tan Sri Vincent Tan Chee Yioun.

One of the deals, it is believed, involves NasionCom securing a a contract for the provision of Worldwide Interoperability for Microwave Access (WiMax) from Intan Utilities Bhd.

The senior management of both companies, it is believed, have been in negotiations for a few months and a deal is likely to be sealed between NasionCom and Intan Utilities’ wholly-owned unit, Premier Merchandise Sdn Bhd in early October.

See how creatively written?

"It appears, it is likely, it is believed, it is understood"...

And not forgetting that his article is bombarded with the phrase "according to sources"

err... say..... what source and what sources ah?

Maggie Chili Sauce kah?

or Maggie Tomato Sauce?

Comeon....that's our financial business article lah.... tiok boh?

Has our financial business article turned into a platform which the journalist can write as creative without any limits and without any concrete facts?

Or is Maggie Sauce simply acceptable in our financial market?

And it worse still... take a look at this part of the article....

For the six months ended June, NasionCom posted a net profit of RM7.2mil on the back of RM112.9mil in sales. In the notes accompanying its financial results to Bursa Malaysia, NasionCom says, “Compared against the group’s results for the financial year ended December 2004, for the half-year ended June 2005, the group has recorded a revenue of RM112.9 million or 70.2% of financial year (FY) 2004’s revenue and a profit after taxation of RM7.18 million, surpassing FY 2004’s full-year profit of RM3.76 million. Moving forward, the group believes that its continuous investments in Internet protocol network infrastructure, broadband infrastructure and Internet data centre, together with development on niche products and services, woill yield positive contributions in the future.

First of all...

Nasioncom first quarter net earnings was 5.171 million.
Nasioncom second quarter net earnings was 2.009 million.

For a new listed company with no previous year comparable quarterly earnings, shouldn't one note this DECLINE in net earnings as a worrying factor?

And worse still... if one searches Nasioncom's quarterly earnings announcement posted in the Bursa website and opens the excel file attached in the earnings announcement and look under Nasioncom's REVIEW OF PERFORMANCE worksheet... there was 4 paragraphs of remarks...

ho ho ho... see onot??!!!!!

This creative reporter CREATIVELY used ONLY the bottom 2 paragraphs, TOTALLY OMMITING the very first 2 paragraphs which CLEARLY states the stock's poor perfomance!! End result? He creatively painted a brighter outlook for Nasioncom!!!

Like this olso can meh?

Take a look...

The 2nd quarter under review has shown a lower overall performance when compared to the immediate preceding quarter ended 31 March 2005. The Group recorded revenue of RM 51.798 million; earnings before interest, tax, depreciation and amortisation (EBITDA) of RM 6.186 million; and profits after taxation and minority interest of RM 2.009 million. The second quarter results has been impacted by lower revenue due to competitive pricing.

There were no corresponding second quarter results for 2004 as this is the Group’s first 2nd Quarter result after its listing on 25 February 2005 on the MESDAQ Market of Bursa Securities.

Compared against the Group’s results for the financial year ended 31 December 2004, for the half-year ended 30 June 2005, the Group has recorded revenue of RM112.9 million or 70.2% of FYE 2004’s revenue and a profit after taxation of RM7.18 million, surpassing the FYE 2004’s full ear profit of RM3.76 million.

Moving forward, the Group believes that its continuous investments in Internet protocol (IP) network infrastructure, broadband infrastructure and Internet data center (IDC) together with development on niche products and services would yield positive contributions in the future.

How cannnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn man?