Published: Thursday February 28, 2013 MYT 10:21:00 AM

Kulim slips after posting Q4 losses

KUALA LUMPUR: Shares of Kulim (M) Bhd fell on Thursday after it reported a net loss of RM1.28bil compared to a net profit of RM120.55mil a year ago for its fourth quarter ended Dec 31, 2012.

At 10.08am, it was down six sen to RM3.51. There were 389,400 shares done at prices ranging from RM3.50 to RM3.58.

The FBM KLCI rose 1.48 points to 1,625.62. Turnover was 180.89 million shares valued at RM134.94mil. There were 177 gainers, 131 losers and 202 counters unchanged.

The losses, compared to a net profit of RM120.55mil a year ago, was due to the impairment losses of its associate and lower crude palm oil (CPO) prices.

Kulim made an impairment loss of RM1.28bil due to an impairment test made on its 49%-owned New Britain Palm Oil Ltd, based on Financial Reporting Standards 136.

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