Sime Darby and Pos Malaysia financially stable - PM PDF

The prime minister Datuk Seri Najib Tun Razak claims that despite the huge losses recorded by GLCs (Government Linked Companies) like Pos Malaysia and Sime Darby Berhad, both the companies are stable financially. He was replying to Hee Loy Sian, the Member of Parliament of Petaling Jaya Selatan where he said that “Sime Darby had recently reported a pre-tax profit of RM1.7 billion and a net profit of RM804 million for its first three quarters of its 2010 financial year (FY10).”

He added that “On the whole, the financial position of Sime Darby is still stable with pre-tax profits of RM1.7 billion and net profits of RM804 million for the first three quarters of the financial year 2010, contributed by the conglomerate’s plantation, industrial, property and motors sectors. For the nine months ended March 31, Sime Darby’s net profit fell to RM804.2 million from RM1.3 billion a year ago as it was impacted by the provisioning for the energy and utilities division. The division had reported an operating loss of RM1.02 billion in the first nine months of the year compared to net profit RM150.57 million a year. The losses were due to delays and cost overruns incurred by the energy and utilities division’s oil and gas projects in Qatar and the Bakun hydroelectric dam.”

He also said “The national postal services company’s reported losses were not “operational losses” but due to the devaluation of Pos Malaysia’s stake in the troubled Transmile Group Bhd. Since it was corporatised (in 1992), Pos Malaysia has never recorded operational losses and has been able to pay out bonuses to its staff and dividends to its shareholders. The investment losses incurred by Pos Malaysia in 2007 and 2008 amounted to RM141 million and RM87 million respectively. The problems in Transmile in 2007 is because of the mismanagement of finance reports, where the validity of Transmile’s financial results could not be verified through legitimite documents. The Securities Commission has also failed a suit against former executive chief and executive financial officer of Transmile. The same actions have been taken by the new management of Transmile against the former officers,”



comments


NAJIB CAN SAY ANYTHING BUT...................

THE PM CAN SAY ANYTHING CONCERNING THESE 2 PUBLIC LISTED COMPANIES..........JUST LIKE THE CASE OF FELDA !!!!

ONCE SIME WAS ALL MIGHTY BUT NOW ???????

SIMPLE STORY : COVER UP !!!!

PLEASE CONDUCT ROYAL COMMISSION TO GO TO THE BOTTOM OF THESE !!!!

BY THE WAY,WE ARE NOT GONNA BELIEVE YOUR RECENT STATEMENTS !!!!!