Sona Petroleum 4Q net loss widens to RM19.5m

by **Cals** Thu 12 Feb 2015, 01:28

Sona Petroleum 4Q net loss widens to RM19.5m

By Shalini Kumar / theedgemarkets.com | February 11, 2015 : 7:38 PM MYT

KUALA LUMPUR (Feb 11): [size=14]Sona Petroleum Bhd's net loss for the fourth quarter ended Dec 31, 2014 widened to RM19.5 million from a net loss of RM5.6 million a year before.

There was no revenue recorded as the special purpose acquisition company (fundamental: 0.6; valuation: 0), has yet to make a qualifying asset purchase.

"For the financial year ended Dec 31, 2014, the group's source of income are mainly derived from interest/profit earned from fixed deposit placements, while major expenses were finance costs, expenses incurred in evaluating qualifying acquisitions and employees' and directors' remuneration," said the group in a Bursa Malaysia filing this evening.

For the full year, the group's net loss increased to RM28.5 million, up more than three-folds from RM6.3 million a year ago.

"The main difference is due to expenses incurred in evaluating a qualifying acquisition of RM13.5 million as compared to the six-month period ended 30 June 2014 of RM3.9 million," Sona added.

On prospects, the group said it is currently assessing and reviewing several potential qualifying assets.

"Under the current low oil price and market conditions, the group is confident of being able to acquire a qualifying asset on more favourable terms and conditions."

Sona shares ended unchanged at 43 sen, with a market capitalisation of RM606.61 million.

[size=12](Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)[/size]
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