MEGAN Overtook TRANSMILE for Gold Medal

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Jul 02 2007
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In the race to see who is the greatest among all listed companies to be able to cook the most astonishing accounting books, it seems Megan Media Holdings Bhd (KLSE: MEGAN, stock-code 7101) might emerge as the winner after all, at least for now.

Megan Media Holdings Bhd, which reported accounting fraud at its subsidiary, posted a mind-boggling net loss of RM1.14 billion for the fourth quarter ended April 30, 2007, according to the unaudited results released on July 2. For the full year ended April 30, 2007, the net loss was RM1.26 billion compared with RM60.23 million net profits in FY ended April 30, 2006. Investigation however is still ongoing, according to Edge report.

In the meantime, Transmile Group Berhad (KLSE: TRANMIL, stock-code 7000), the runner-up for the gold medal in accounting irregularities in Malaysian stock market announced that it actually recorded net loss of RM369.56 million for the financial year ended Dec 31, 2005. So the figure is much higher than reported earlier.

While it’s no-brainer that investors should stay out of both stocks, the latest figure from Transmile does not augur well for Pos Malaysia & Services Holdings (KLSE: POSHLDG, stock-code 4634). I guess it’s true that it doesn’t matter who started the race fastest (Transmile was the heavyweight) but who finishes the line (seems the underdog Megan Media in this case) would be the ultimate gold medalist.

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