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Have you had any chance of getting a peek on q2'24 and q3'24 report, Mark? Have a look at it first or maybe start with q3'24 first. Is it as epic as q2'24?
All the tools and equipment will be consigned by POET but maintained by GTB, and the start-up costs for installation of these equipment/tools will be borne by POET.
Thanks, Mark. Q2 report is due to epic investment - deposit in MNC company. No idea what is that. Q3 is equally epic; a loss of 8.5M other operating income. One thing for sure - it is progressing well for the planned epic investment of 120M; cash and cash equivalent is less than 140M now. Hopefully your investment in Gtronic will be successful. I don't have any plans to invest in Gtronic again due to the red flags in the balance sheet.
*other receivables deposits and prepayments meaning：
* Deposits Payments made in advance to secure an operation. The money is frozen in another account, but the owner retains ownership.
Prepayments
Payments made in advance for goods or services that will be received later. Prepayments can be used to manage advance payments from customers, such as for a project contract, sales order, or goods and services to be delivered on a specific date.
Other receivables
Can include interbank claims, liabilities in payment transmission, and insurance companies' reinsurance accounts
Investment in “Lights Off” and automated operations enabled our operations to be agile and react quickly to changing customer demand. MEMS package qualified and planned for mass production in FY2025. Thin-sensing packages using Au Bump Fanout packages qualification planned for mass production in quarter 4, 2024. Package development and NPI activities are robust with promising outlook.
Thanks for sharing, Cheryl. Good discussion for learning. That's one possibility for the deposit but unlikely from timing perspective based on the reply to query from Bursa back in Mar. The new leadership did not mention anything about it during the interview with the media. Maybe I overlooked his response to the media as it was just striking to see a response of deposit with MNC company without details :) You also brought up a good point of PPE :) Have you seen the changes in PPE under assets and match it back to the PPE? Its equally epic. it was ~72.5M based on ARFY23 and Q3FY24 PPE 67.8M despite spending ~4M. The more they spent, the lesser the PPE asset? Could it be they have disposed off ~9M of PPE asset and added the 4M capex, hence, 72.5M dropped to 67.8M? However, 9M is a big amount and I could not find any huge ppe write-off or proceeds from the disposal of ppe in the balance sheet trail either. Can you find it or my understanding is wrong or typo error in the report? Spot on with regards to 17M capex contracts to purchase PPE. I did not notice any 17M movement in the liabilities section or prepayments which means its non-binding and nothing paid for yet. Maybe it will "appear" in coming QR? As for forex loss, USD exposure is historically related to cash and cash equivalent, payables and receivables for the previous Gtronic. I am not sure how these 8M forex loss theme versus 8.5M loss of other operating income comes about. Looks similar, sounded similar but I am not sure whether its similar.
Cheng, the 17m nx Q only will reflect in cash flow statement. You can check back 2017 Quarters report, almost same situation.
After huge ppe, 2018 asset also drop due to depreciation.