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RM1.8bil loss at 1MDB if not for revaluation gains?

KINIBIZ The country’s so-called strategic fund, 1Malaysia Development Fund could have made as much as RM1.8 billion in losses if not for massive revaluation gains which could have amounted to as much as RM2.7 billion.

 

According to a recent Singapore Business Times ( SBT ) report, the fund, which had RM42 billion in debts as at March 31, 2013, booked RM2.7 billion in fair value gains from property investments.

 

However, it’s abbreviated accounts released on Wednesday showed a pre-tax profit of some RM878 million (see table). That means that if not for the RM2.7 billion gain, the fund would have incurred losses of RM1.822 billion (RM2.7 billion minus RM878 million).

 

The revaluation surplus is likely from the government land 1MDB acquired at way below market prices earlier.

 

For the full story, please go to KiniBiz .

 

 

 

 

 

 

 

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