03-01-2015, 09:28 PM
(03-01-2015, 02:06 AM)GPD Wrote:(03-01-2015, 01:35 AM)GFG Wrote:(02-01-2015, 09:37 PM)slowandsteady Wrote: I've divested King Wan as well, due to the weak core earnings. All the recent ventures (bulk carrier, Skywoods, dorm, etc) do not seem to be doing well. Worryingly, the M&E biz, which for me is the most important piece of business, has suffered from labour costs increases. With the construction pie shrinking and increased competition, King Wan's CF may dry up, and their ability to pay dividend becoming dependent on selling of KTIS shares, whichever way it goes in the market. Equally concerning is the huge spike in director's compensation (the last quarter net profit was only SGD 750,645, but the directors paid themselves SGD 612,089. The quarter before it was an even more astounding SGD 2,961,880 bonus vs a core profit of only SGD 2,520,553.
Used to like the company for its strong core business, management's shrewd investments, and conservatism. Will be interested again when these qualities return.
All the best
Where'd you gotten the figures for director's remuneration every quarter? Director fees are paid yearly, so you probably mistook those figures for directors fees when they are not.
vested
It is in their quarterly report.
I see. Thanks to both of you, for pointing this out.
"The quarter before it was an even more astounding SGD 2,961,880 bonus vs a core profit of only SGD 2,520,553."
The SGD 2,961,880 is not for the previous quarter before it but for the 6months period. (In other words it includes the SGD 612,089 for the current quarter)
Also, I think the huge jump in remuneration for the previous quarter includes a bonus for the KTIS divestment so it may not be fair to compare it against the core profit alone.
But yes, its good to monitor the remuneration in comparison to subsequent quarters (like the most recent one, which seems comparatively high)