Rex attributes the weaker numbers to a combination of higher-than-expected depletion, impairment of its oil and gas assets, plus heavier interest burden.
UOB Kay Hian has maintained its "sell" call on oil producer Rex International Holdings but citing heavier losses last year and expectations of lower production this current FY2024, has trimmed its target price from 10 cents to 8 cents.
For FY2023, the company reported a loss of US$64 million, from just US$1 million worth of red ink in the prior FY2022.
