AUDIT REPORT Fama Corporation Bhd (FamaCorp), which posted cumulative losses of RM12.95 million last year, needs to formulate strategies to raise its revenue and profits, the Auditor General’s Report 2013 revealed today.

FamaCorp, a subsidiary of the Federal Agricultural Marketing Authority (Fama), posted after-tax losses over the 2009-2013 period due to the high cost of goods sold in relation to revenues, the Auditor-General’s Report 2013 series 2 issued by the National Audit Department today said.

“FamaCorp should improve the management of its activities or end uncompetitive activities in order to improve its financial performance.

“It should hold board of directors meetings as often as possible to ensure company operations are well managed, besides ensuring all members of the board play an active role in the meetings,” the report said.

The National Audit Department also urged Fama to hold a comprehensive internal audit on FamaCorp to improve internal controls over its financial management.

- Bernama

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