KUALA LUMPUR (Sept 20): TH Plantations Bhd has extended the suspension of its chief financial officer Mohamed Azman Shah Ishak by an additional 10 days to Sept 30. 

In a filing with Bursa Malaysia, the group said it needs to further evaluate Mohamed Azman’s reply to the show-cause letter issued to him, and to facilitate the necessary action to conclude the matter.  

Mohamed Azman was served with the show-cause letter after he was suspended on Aug 9. The suspension is related to findings arising from a recent forensic audit.  

In the interim, TH Plantations said its assistant general manager for finance Marliyana Omar and senior finance manager Hamidah Hassan will assume the responsibility and functions of the chief financial officer. 

TH Plantations incurred a net loss of RM594.61 million for the year ended Dec 31, 2018 (FY18), versus a net profit of RM22.41 million in FY17. Revenue declined 24.5% to RM519.32 million, from RM687.98 million previously. 

For the six months ended June 30, 2019, the group recorded a net loss of RM27.24 million compared with a net profit of RM3.43 million in the same period last year. Half-year revenue dropped 14.78% to RM221.40 million, from RM259.79 million previously. 

TH Plantations’ share price fell two sen or 5.8% to 32.5 sen today, for a market capitalisation of RM287.25 million. For the past one year, the counter had retreated some 52.2%.