OilCorp's Fiscal year Losses Explodes To 405 Million!

The issue with OilCorp was so glaring.

The growth in the trade receivables was astronomical. My initial posting on OilCorp was in 2007, when I wrote, OilCorp and OilCorp II

Quote:

• 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!

In the first posting OilCorp (written in July 2007), if you scroll right to the bottom and open the quarterly earnings link, Quarterly rpt on consolidated results for the financial period ended 31/3/2007, look at the trade receivables then. It was 336.107 million. The previous year was 284 million.

A year later, Dec 2008, I wrote the following OilCorp and Its Trade Receivables. OilCorp's trade receivables has now exploded to 498.257 million back in 2008.

I asked back then..

• 'Two' fiscal years ago or 8 quarters ago, OilCorp's trade receivables were at 224 million.
  It's receivables this very day is at 498 million.
  An increase of some 274 million!!

Exactly!

That was the the problem.

OilCorp announced its earnings today. It lost a whopping 175 million for the quarter! Which meant that its annual losses was a shocking 405 million!!!!!!!!!!!!!!

I was eager to see its balance sheet and look at the receivables amount. I was pretty darn sure that provision of bad debts had to be made in regards to its receivables.

Receivables is now only 82.188 million!

OMIGOSH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

You can see the previous year same quarter total in the next column. It was only 474 million.

Well as they said... do the math!!!!!!!!!!!!!!!!

That was all I needed to see.

This morning I noted on the Business Times:

• Bursa eyes bigger retail growth
  The chief of Malaysia's stock exchange wants to see certain regulatory constraints removed to help improve retail participation in stock trading.

Why doesn't the Chief Of Malaysia stock exchange understand a very basic issue.

If the wants a bigger retail participation something drastic needed to be done with companies like OilCorp being listed in the stock exchange. Yeah, stop wishing and start cleaning and getting rid of them bad apples listed in the stock exchange.