A Look At Maybulk's Quarterly Earnings

Maybulk recently announced its quarterly earnings. It said it made some 69.5 million.

I was not impressed at all.

Firstly, in its balance sheet, I was not impressed to see the LOAN TO ASSOCIATES.

Here is the screen shot.

A loan of 40.273 million to its associate!

Why was such a loan made?

Why so much?

Secondly, as you can see at the bottom most, cash balances has really shrunk and not to mention this fiscal year, Maybulk did not pay out any interim dividends at all.

Now, assuming if one is a dividend investor and one puts the loan of 40.273 million to its associate into consideration, surely one is not happy. Would you be happy?

And then there is the quoted securities thingy.

I had posted before on Maybulk's dabbling in the share market. Posted back in November 2008, Maybulk Had 'Investment' Losses Of Over 62 Million! and in December 2008, Why Is Maybulk So Active In the Share Market?

Ok, as the market recovered, Maybulk's quoted securities investment also recovered but is the recovery of its quoted securities investment enough to justify Maybulk's involvement in such activity?

A current realised gain of rm16.4 million. Look at the screen shot below.

Are you impressed with the amount of purchases and disposal of quoted securities?

Are you impressed with how much of quoted securities Maybulk has in its balance sheet?

I am not.

I see no reason to see why Maybulk is so active in such activity!

What are these 'quoted securities'?

Again, does Maybulk reckon they are the super trader of the share market?

Why do I call them 'super trader'? Since they are so active in buying and selling quoted securities, surely they cannot be considered as investors, yes?

And last but not least, who is actually in charge of making the decision to buy and sell these quoted securities?

Is it the big boss?

Does the big boss have nothing else better to do than to dabble in 'quoted securities' all the time?

How?

Me? I am not impressed at all.