KUALA LUMPUR: UMW Holdings Bhd’s net loss widened to RM1.57 billion for the fourth quarter ended Dec 31, 2016 (4QFY16), from RM284.29 million a year earlier, due to continued losses in its oil and gas (O&G) businesses. Loss per share jumped to RM1.34 from 24.33 sen, the group said in a filing with Bursa Malaysia. For the full FY16, UMW holdings suffered a second net loss in a row, totalling RM1.69 billion against RM37.17 million in FY15. The loss per share widened to RM1.45 from 3.18 sen.Revenue for FY16 shrank by 67% to RM10.97 billion from RM14.44 billion. The group said its FY16 financial performance was adversely impacted by the losses in its O&G division due to the industry downturn.

Source: The Edge Markets February 28, 2017 01:19 UTC