This article first appeared in The Edge Financial Daily, on May 13, 2016.

KUALA LUMPUR: 1Malaysia Development Bhd’s (1MDB) former unit Edra Global Energy Bhd, whose initial public offering hit a snag and as a result dragged the investment fund into a tight cash flow situation, posted a net loss of RM475.07 million on revenue of RM5.14 billion for the financial year ended March 31, 2015 (FY15).

According to a filing with the Companies Commission of Malaysia (CCM), Edra’s loss before tax came in at RM312.85 million, 34% lower against its net loss of RM475.07 million.

Edra also withdrew a net RM611,000 for dividends in FY15. In FY14, Edra posted a net profit of RM37.89 million on revenue of RM3.86 billion.

Edra’s total asset size came to RM23.18 billion, of which about 78% or RM18.22 billion were long-term assets. The company’s non-current liabilities stood at RM12.17 billion, while current liabilities were RM6.83 billion. It had reserves of RM314.05 million.

The power producer was sold to China General Nuclear Power Corp last November for RM9.83 billion cash. 

Meanwhile, TRX City Sdn Bhd, one of the property arms of 1MDB, posted an after-tax profit of RM380.64 million, while its revenue was at RM478.05 million for FY15.

TRX City was profitable after it managed to sell all the land in phase one of the development in Tun Razak Exchange (TRX) during the financial year.

1MDB Real Estate Sdn Bhd officially changed its name to TRX City on Dec 16, 2015, according to its CCM filing. In September 2014, the company announced that the first phase of its development of the TRX was sold out.

As at the end of FY15, TRX City’s RM2.4 billion loan from AmInvestment Bank Bhd was unsatisfied, its financial statements showed. The debt was raised to fund the relocation cost of the Royal Malaysian Air Force base, which now sits on the 486-acre (197ha) tract that will be developed into Bandar Malaysia.

TRX City’s FY15 statement was filed on March 31 this year, according to its financial information summary, while Edra’s was on Jan 21.

1MDB’s audited financial accounts for FY15 are still not available on the CCM website as at press time.