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December 12, 2007 |
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WONDERFUL WIRE: Incurs MYR7.9MM Net Loss in Qtr. Ended Sept. 30 Wonderful Wire & Cable Berhad has incurred a net loss of MYR7.89 million for the quarter ended September 30, 2007, compared with the MYR5.99-million net loss recorded for the same period in 2006. Revenues for the third quarter totaled MYR7.7 million, less than half the MYR14.97-million revenue recorded in the third quarter of 2006. As of September 30, 2007, the company's balance sheet showed strained liquidity with MYR36.81 million of current assets available to pay MYR76.46 million of current liabilities coming due within the next twelve months. The company's balance sheet as of end-September also showed MYR87.92 million in total assets and MYR84.14 million in total liabilities, resulting in a shareholders' equity of MYR3.78 million. Wonderful Wire & Cable Berhad is a Malaysia-based company that is engaged in the manufacture and trading of all kinds of electrical wires and cables. The principal activities of the company's subsidiaries include the investment holding, provision for oil, gas and petroleum engineering, and design engineers and contractors. Its subsidiaries include Wonderful Industries Sdn. Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia) Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M) Sdn. Bhd. and Wonderful Wire & Cable. In November 2006, the company acquired the remaining 40% interest in WWC Sealing (Malaysia) Sdn Bhd. The principal activity of WWC Sealing (Malaysia) Sdn Bhd is to design, manufacture and market different ranges of industrial seal and gasket. On December 3, 2007, the company was classified as an affected listed issuer pursuant to Bursa Malaysia Securities Berhad's Practice Note 17 category as the company's shareholders' equity on a consolidated basis for the unaudited results is less than 25% of the issued and paid-up capital for the third quarter ended Sept. 30, 2007. |
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