MTQ released their FY 2011 financial statements and press release on April 29, 2011. This financial statement release marks a change somewhat for MTQ, as they had finished building their Bahrain facility and have got it up and running for FY 2012. The numbers have also reflected this and at face value, it would seem to have got a lot worse in terms of Balance Sheet and Cash Flow Statement analysis (more on that later). Since January 2009, I had knowledge of MTQ’s intended plans to expand into Bahrain, and they have worked tirelessly for the past 2 years towards that goal. They have gone through a leadership change (Kuah Kok Kim retiring as CEO and making way for his son Kuah Boon Wee) and also turmoil in Bahrain in March 2011 which followed the revolutions in Egypt, Tunisia and Libya. Though there have been some problems getting the facility …