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the huge profit reported was mainly due to a disposal of assets amounting Rm218m. Without this one off income, last quarter is supposedly reported loss. That explained the dump
1 Disposal of Asset. Drilling Jack Up Rig at a price twice more expensive than its current price in US Dollars.
2 Dividen issued 6.7sen per share.
3 'Loss'. Impairment made to unbillable Covid19 charges e.g. tests, quarantine (14 days quarantine at supply base or ports including accommodation, meals and etc prior going offshore platform) & rejuvanating cost of said asset.
Unlike Velesto notoriously known for its poor cost control, ICON offers the opposite.
You all should know what happens at the end of financial year. There will be adjustments to their books. While other view this negatively, there are others welcome this move and see this as an opportunity.
