Friday, May 28, 2010

Sime Darby's losses reach RM1.3 billion

The provisions for losses incurred by Sime Darby Berhad's Energy and Utilities Division have now been raised to RM1.3 billion.

Announcing the company's third quarter results for Financial Year 2009/2010, its acting Group Chief Executive Datuk Azhar Abdul Hamid said the figure was not a final one.

The excerpts of the Press Statement issued yesterday:

The Energy & Utilities division had reported an operating loss of RM1,019 million in the first nine months of the year. This was after recording provisions for the oil & gas and engineering sub-segment in 3QFY2010 amounting to RM964 million that was announced on 13 May 2010.

The breakdown in the provisions totaling RM964 million is as follows:

RM200 million for the Qatar Petroleum (QP) project;
RM159 million for the Maersk Oil Qatar (MOQ) project;
RM155 million for the Marine project;
RM450 million for the Bakun project;

Inclusive of the above provisions, the total provision for the four projects at the end of the third quarter amounted to RM1.3 billion. These provisions are based on the current best judgment of the forecast cost to completion of each of the projects. The QP project was completed and handed over in August 2009. The MOQ project is expected to be completed by the end of the year. Negotiations on cost recovery in all four projects are ongoing.

NEXT: What really happened to Sime Darby's investments in China


Anonymous said...

Yesterday, Plantation HR were flooded with cries of people. what a pity! 4 victims were sacked immediately without any show cause or inquiries! People with families, how cruel is Sime darby! the bossess were given show cause though they are the real culprits. ashraf please check this too......azhar abdul hamid should not over dreaming of quick recoveries. Sime darby is like hell now!townhall is just for huha nothing is new.

jual minyak time saja sebab ada orang sudah berangan2 nak jadi CEO, acting2 tak main! he is trying hard to show that he is caring the maring padahal hampeh! Inherits sime's budaya kerja yang konon mesti punya class tapi tahap longkang!apa saja business dia yang tak mungkin kena tutup!ashraf ada banyak lagi misteri yang ko kena bongkar!


mimi said...

MUMU; lu tak tau cerita SHUT UP.

Anonymous said...

Mimi : agreed with you.

Mumu : yr article is like "hampeh". Don't simple write if you are not sure head & tail of the story!!

-Teh Tarik-