Penguin International

[valuebuddies]

From the AR, one will note that the company lost almost more than 1 mil in forex in previous year and continued to lose close to 3 mil last year. These are very substantial loss in view of the small size of the company.

Why the company failed to learn their lesson from the loss in previous years? Is the CFO still there after the loss of such huge amount over a period of 2 years? Have they stopped the bleed this FY?

All the hard work in expanding the yard and building boats went into the drain because of forex mishandling. Anyone held accountable?

This is why I am very unhappy with the lackadaisical attitude of the management as they faced to address it in details in their message. If the trend persist, it will be no surprise they suddenly by the end of this FY, they disclose that they lost 5 mil in forex.

To the management, stop the useless fancy slogans on your AR... fancy words do not bring food to the table .... handle the company with care and stop the bleeding.

I would like to link this to SIA example:

https://sg.finance.yahoo.com/news/massiv...00461.html

Loss in forex don't necessary mean "mishandling" especially for a company with functional currency in USD and report in SGD.