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KINIBIZ 1Malaysia Development Bhd reported a sharp rise in pretax profit to RM877.7 million for the year to Mar 31, 2013 compared to just RM44.7 million previously. However liabilities, basically debt, came up to some RM42 billion as at the end of the financial year.

Net profit meanwhile came in at RM778.2 million for the same period from the RM44.7 million for the previous year when there was no tax.

The much-delayed accounts have finally been submitted to the Companies Commission of Malaysia (CCM). The accounts which have been pending for a year, were submitted to the commission earlier this month.

In its abbreviated accounts for the financial year ending March 31, 2013 (FY13), the sovereign fund recorded an increased revenue of RM2.59 billion up from the RM633.2 million seen in the previous corresponding year.

However when KiniBiz attempted to get the full annual report for the year at the Companies Commission Malaysia, it was told to come later as it could not be photocopied immediately.

As only the abbreviated financial statements were available on CCM’s website, it is unclear what contributed to the significant increase in both revenue and profits.

For the full story go to KiniBiz .

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