SINGAPORE (Mar 19): The ringgit’s resurgence against the US dollar was among the highlights of 2017 for Malaysia, but it was another setback for Cahya Mata Sarawak (CMS). Asia’s second best performer, the Malaysian currency appreciated 10.9% against the greenback, delivering heavy foreign exchange losses to CMS’ 25% associate OM Materials (Sarawak) and derailing expectations for breakeven at least.

CMS’ share of the unrealised forex losses was RM28 million ($9.4 million). This translates into a share of losses from OM Materials of RM4.5 million for the financial year ended Dec 31, 2017 (FY2017).

“That was a disappointing set of results. We were really looking forward to seeing a maiden profit for OM Materials,” says Isaac Lugun, group CEO for corporate at CMS.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook