Scomi again

Scomi reported a record earnings of 23.657 million. It's highest ever.

Problem?

Its nett debt position is now at 903.946 million.

Ahem!

Compare that to what I just wrote the other day... Regarding Scomi Group Again

• Yes, the sales and net profit has increased a lot but do you see any creation of wealth?
  
  Back then, 03 Q2, Scomi Group was a simple stock earning 4.037 million for the quarter. But it's net debt was a mere 7.515. Very manageable.
  
  Today Scomi? 06 Q1, Scomi Group is now a complex Godzilla, earnings some 16.069 million for the quarter, which is about 4 times more than it earned back in 2003 Q2. Fantastic. Bravo. But just look at the cost of such engineering of wealth. Scomi Group is now in a nett debt positiion of $846.778 million.
  
  How?
  

There are some articles on The Edge Weekly.

Cover Story: Close to tipping point

Stories By Lim Ai Leen

Cover Story: Shah Hakim speaks
The Scomi Group CEO talks candidly about earnings, shareholder returns and Kamaluddin Abdullah

Cover Story: How it all started