CLASSIFICATION: ACCOUNTING/AUDIT NOTIFICATION/ANALYSIS & BUSINESS PROJECTIONS
TYPE: Short Analysis / Reviews
30 October 2008

RAMUNIA TO BE LOSS-MAKING FOR FYE OCT 2008 PENDING RTO BY MISC RAMUNIA HOLDINGS which recorded Net Losses of RM215.21m for 3QE Jul 31, 2008 is expected to continue to be in the red for the FYE Oct 31 (FY08), according to analysts.

Analysts expect the Company to turnaround only in FY09 and FY10 after completion of the reverse takeover (RTO) by MISC, which would put in place a stronger management team and expectations of better implementation of projects.

ASEAMBANKER EQUITY RESEARCH was quoted in THE STARONLINE on Oct 1, 2008 saying that 2008 was admittedly a bad year for RAMUNIA but focus should be on 2009 and beyond. The research house expected MISC's entry as a new shareholder to positively transform operations and enhance values as it turns RAMUNIA into an oil and gas fabricator.

The Company had on Sep 29, 2008 in its quarterly filing reported 3Q losses due to higher project overhead, cost over-runs and losses, disputed change orders and provisional sum and project bidding costs. For the nine-month period, the Company posted Net Losses of RM208.43m.

The losses had reduced RAMUNIA's Net Asset per share from RM1 to 41 sen. The Company was affected by additional works to rectify some previous projects while raw material prices had also risen sharply.

The SC had on Sep 19, 2008 approved MISC's proposed RTO of RAMUNIA via the injection of MALAYISA MARINE AND HEAVY ENGINEERING sb for RM3.2 bil.
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RAMUNIA LOSES RM2 BIL INDIAN OILFIELD DEAL

CLASSIFICATION: PRESS RELEASES/REPLIES/DIGEST
TYPE: News Digest
18 September 2008

RAMUNIA LOSES RM2 BIL INDIAN OILFIELD DEAL The Press Trust of India reported in mid-Aug 2008 that an Indian court decision had dismissed a petition by a RAMUNIA subsidiary in India against OIL & NATURAL GAS CORP's decision to cancel a contract for the development of an Indian offshore oil field.

The Indian deal was viewed to be loss-making or giving razor thin margins at best.

The termination will cut RAMUNIA's outstanding Order Book by 77% to RM486m. In Apr 2008, PETRONAS' unit - MISC had announced the takeover of RAMUNIA

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Financial
Q3  Q4  Q1  Q2  Q3  Rolling 4 Qtrs 
07-2007 10-2007 01-2008 04-2008 07-2008 
Turnover ('000) 428,362 184,513 110,257 80,099 81,324 456,193
Profit before Tax ('000) 20,608 3,896 5,970 2,022 -217,587 -205,699
Net Profit ('000) 18,673 1,994 5,699 1,071 -215,205 -206,441
EPS (sen) 2.160 0.760 1.120 0.210 -41.640 -39.55
DPS (sen) 0.000 0.000 0.000 0.000 0.000 0

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PER SHARE INDICES AND RATIOS AS AT 24-Nov-2008

PRICE INDICATORS as at 24-Nov-2008
CLOSING PRICE
1.300  MARKET CAP 861.692

52-WEEK HIGH 1.950  52-WEEK LOW 0.970
3-YR HIGH 1.950  3-YR LOW 0.760
PE RATIO 43.54  DIV YIELD 0.00
MC RATIO 3.01  MIV RATIO 0.97
BD WTG 9.31  BD-SECT WTG 38.50
SYAR WTG 0.22       


ACCOUNTING RATIOS
CURRENT RATIO 1.17  CREDIT DAYS OUTSTANDING 218.52

ACID TEST RATIO 1.16  DIVIDEND TIMES COVER 0.00
DEBT EQUITY RATIO 2.10  INTEREST TIMES COVER 2.18



PER SHARE INDICES
EARNING PS 0.030  NET FREE CASH PS -0.821

DIVENDENDS PS    NET FREE CURRENT ASSET PS -0.267
TURNOVER PS 0.920  NET WORTH PS 0.432
OPERATING CASH PS -0.033  NET TANGIBLE ASSET PS 0.302
CURRENT ASSETS PS 0.64  CURRENT LIABILITIES PS 0.55
INTANGIBLE ASSETS PS 0.13  LONG TERM LIABILITIES PS 0.36
FIXED ASSETS PS 0.56  TOTAL BORROWINGS PS 0.909
LONG TERM ASSETS PS 0.01  GROSS MARGIN PS -
TOTAL ASSETS PS 1.343