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What exactly is trading of goods operations ? Revenue increased mainly due to this new item but overall profitability has reduced. Trade receivables (~ RM70m) continue to increase based on QoQ and definitely High in Q2 (since their main revenue supposed to be deriving rental). I thought long outstanding trade receivables (~ RM25 million) issue resolved as indicated in their Notes for Trade Receivables in their Annual Report 2025 issued out in April 2026.
the core issues with ptrans are high capitalisation of sukuk interest which inflates profit and receivables concentration. Sukuk 2 being used to clear sukuk 1. It will be interesting if company continues to capitalise sukuk 2 interest. Market has adjusted it accordingly by adding back the capitalised interest into the expense; adjusted pbt. Will be lower if market were to price in the risk of impairment for the receivables.