Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 9): TH Plantations, in which Lembaga Tabung Haji holds a 73.84% stake, has suspended its chief financial officer (CFO) Mohamed Azman Shah Ishak today until further notice.

The suspension is related to findings arising from the recent forensic audit, said the loss-making plantation group in its filing with Bursa Malaysia this evening.

Mohamed Azman Shah has been served with a show-cause letter, and is required to provide a written reply within 14 days, according to the filing.

However, the group has yet to reveal the findings of the forensic audit.

In the interim, TH Plantations said its assistant general manager for finance Marliyana Omar and senior finance manager Hamidah Hassan will take over the responsibility and functions of CFO.

On Aug 1, one of its independent directors Datuk Seri Nurmala Abd Rahim resigned voluntarily from the group. She also relinquished her position as a member of the audit committee and nomination committee.

For the financial year ended Dec 31, 2018 (FY18), TH Plantations incurred a net loss of RM594.61 million, versus a net profit of RM22.41 million in FY17.

Revenue declined 24.5% to RM519.32 million in FY18 from RM687.98 million the previous year.

TH Plantations said the substantial losses were attributable to lower average crude palm oil prices and impairments and write offs arising from the group’s rationalisation exercise, whereby management had identified several assets to be divested in the near future.

For the first quarter ended March 31, 2019 (1QFY19), the group recorded a net loss of RM8.09 million compared to a net profit of RM3.23 million a year ago. Quarterly revenue dropped 4.9% to RM115.28 million from RM121.24 million.

TH Plantations' share price closed unchanged at 47 sen today, giving it a market capitalisation of RM415.41 million.

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