Thursday, August 26, 2010

#Flash* Sime Darby posts RM77.35m net loss in 4Q

KUALA LUMPUR: SIME DARBY BHD [] posted net loss of RM77.35 million for the fourth quarter ended June 30, 2010, a contrast from its net profit of RM984.04 million a year ago, following additional provisions for the loss-making energy and utilities (E&U) division.

For the financial year ended June 30, it posted net profit of RM726.85 million compared with RM2.28 billion in net profit for FY09, it said on Thursday, Aug 26.

Sime Darby said the E&U division reported an operating loss of RM.75 billion for FY2010 after making additional provisions of RM777.3 million for 4QFY2010.

'Including the RM1.308 billion provisions up to 3QFY2010, the total provisions for foreseeable losses and impairments for the full year amounted to RM2,085.7 million.

'The additional provisions totalling RM777.3 million relate to the three oil & gas projects namely, Qatar Petroleum (QP), Maersk Oil Qatar (MOQ) and Marine, and include provisions and impairment of other assets,' it said.

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