KUALA LUMPUR: The Armed Forces Fund Board’s (LTAT) unaudited net profit fell 51.9% to RM221 million for the financial year ended Dec 31, 2018 (FY18) compared with the restated net profit of RM459.5 million for FY17.
The significant decline for FY18 was a result of various factors dating back two financial years, such as restatement of FY16 and FY17 accounts, overpayment of dividends for FY16 and FY17, impact to retained earnings, negative impact from MFRS implementation and outstanding dividend from subsidiaries not received.
Chairman Tan Sri Dr Mohd Zahidi Zainuddin (pix) announced that LTAT is declaring a dividend of 2% for FY18, its lowest ever.
Last week, LTAT’s accounting firm Messrs Ernst & Young unearthed several financial irregularities and weaknesses for the financial years ended Dec 31, 2017 and 2018.
source https://www.thesundaily.my/business/ltat-s-net-profit-halves-in-fy18-dividend-rate-at-record-low-of-2-BC1433614
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