Friday, June 4, 2010

Sime Darby continues slide

KUALA LUMPUR: SIME DARBY BHD [] shares continued to decline on Tuesday, June 1 and fell 0.9% or seven sen to RM7.68 at 9.40am with 157,800 shares done.

Sime Darby lost RM6.37 billion in market capitalisation last month, falling from about RM52.94 billion on May 3 to RM46.57 billion on Monday. The stock fell eight sen to RM7.75 on Monday.

Last week it reported a net loss of RM308.63 million in its third quarter ended March 31 compared with the net profit of RM150.57 million a year due to the provisions made in its energy and utilities division.

The conglomerate's president and group chief executive Datuk Seri Ahmad Zubir Murshid was asked to take a leave of absence on May 13 ahead of his contract expiring on Nov 26, following revelations of huge losses in its energy and utilities division and a negative impact of RM964 million in the second half of its financial year ending June 30, 2010 from losses in the division.

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