一篇关于毅丰网通的高应收款的报告

先贴上来做个纪录，9月年度报告在慢慢分析。

http://biz.thestar.com.my/news/story.asp?file=/2007/7/10/business/18259178&sec=business

Nextnation receivables surge to RM67m

CEO: It’s due to long collection period of 200 days

By KATHY FONG

PETALING JAYA: Nextnation Communication Bhd’s receivables ballooned to RM67mil as at April 30, equivalent to two-thirds of its annual revenue for the financial year ended April 30, 2007 (FY07).

Chief executive officer Tey Por Yee, however, says the amount is not alarming.

“The large receivables are mainly due to long collection period, which is about 200 days.

“We are trying to reduce it to below 200 days,” Tey told StarBiz.

He said the growing receivables were not really a concern, given the company’s cash flow was not straggled by the slow payment.

“It is actually a norm in the telco-related industry, which has a long collection period.

»It is actually a norm in the telco-related industry, which has a long collection period« Tey Por Yee

“The industry average in the region is about nine months,” said Tey, who is also managing director.

He noted that Nextnation’s customers were domestic telcos which were government-linked. Thus, the likelihood of default payment was not strong although payments were rather slow.

Tey also commented that he did not mind having high receivables when the company’s revenue had substantial growth.

Yesterday, the company announced to Bursa Malaysia its wholly-owned subsidiary, Nextnation Network Sdn Bhd, had accepted a credit facility of up to RM10mil granted by Malaysia Debt Ventures Bhd for overseas expansion.

According to Tey, the company’s cash flow was mostly ploughed back for capital expenditure to build infrastructure in new markets.

The company has budgeted capital expenditure of RM7mil for FY08 and RM10mil in FY09.

Mesdaq-listed Nextnation’s trade receivables are expanding in tandem with its revenue. Its receivables soared to RM67mil as at April 30, from RM19.7mil as at July 30, 2005.

Annual revenue grew to RM100.3mil in FY07, 49% higher against RM67.4mil in FY06. But, its yearly net profit was marginally higher at RM16.8mil compared with RM16.7mil in FY06.

Nextnation made a provision for bad debt of RM1.4mil in the fourth quarter ended April 30. Due to the provision and higher operating expenses, the company incurred a pre-tax loss of RM251,000.

Nextnation is a mobile multimedia application service provider. It has developed and commercialised wireless applications and mobile solution on an SMS platform compatible with 2.5G and 3G applications.

The company has ventured abroad in neighbouring countries like Indonesia, Thailand, Vietnam, China and India.

Nextnation’s share price had tumbled 38% since the beginning of the year to a low of 23.5 sen on Feb 7. The stock closed at 26.5 sen, up two sen, yesterday.

Investors, in fact, raised eyebrows when they saw the sharp fall of Nextnation’s share price.

The investing public has turned cautious on trade receivables following the increasing number of companies found involved in account irregularities with large unpaid receivables.