KUALA LUMPUR (April 24): Kretam Holdings Bhd recorded a wider audited net loss of RM38.7 million for its financial year ended Dec 31, 2018 (FY18), compared to an unaudited net loss of RM29.31 million, resulting in a 32.04% deviation. 

This was due, among others, to an over-recognition of its gain on deconsolidation of subsidiaries by RM4.07 million, Kretem said in a stock exchange filing today. 

Its audited statements also restated the cost of sales which increased by RM4.94 million, and included late adjustments for scrapped assets, loss allowance for trade receivables past due, and taxation, Kretam said. 

Shares of the plantation firm closed unchanged at 40 sen today, giving the group a market value of RM942.69 million.