Thursday, September 2, 2010
Sime Darby records 47% fall in profit
Thu, 26 Aug 2010 18:22
KUALA LUMPUR: Losses in the oil and gas and engineering units led conglomerate Sime Darby Bhd to report a 43% fall in pre-tax profit to RM1.74 billion for the year ended June 30, 2010, compared with RM3.07 billion a year earlier.
Pre-tax profit for the fourth quarter also fell significantly by 98% to RM25.04 million versus RM1.107 billion in the same quarter in 2009, the company said in a statement today.
The group turned in an after-tax loss of RM53.3 million in the fourth quarter against a profit of RM1.009 billion previously.
Full-year revenue rose to RM32.95 billion from RM31.013 billion while revenue for the foruth quarter rose to RM9.21 billion versus RM7.53 billion.
The Energy and Utilities (E&U) Division, in which oil and gas and engineering are major businesses, reported an operating loss of RM1.752 billion for FY2010 after making additional provisions of RM777.3 million for the fourth quarter.
Including the RM1,308.4 million provisions up to the third quarter, 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 and gas projects namely, Qatar Petroleum, Maersk Oil Qatar and Marine and include provisions and impairment of other assets.