In line with our forecasts, but above consensus. Sime Darby’s 9MFY06/10 core net profit came in within our expectations but above consensus, at 78% of our FY10 forecasts and 85% of consensus’ forecasts. In 3QFY10, Sime recorded a net EI loss of RM1.09bn, comprising provisions for:
(1) its Qatar project of RM200m;
(2) Maersk Oil project of RM159m;
(3) Marine project of RM155m;
(4) Bakun project (under its 35.7% associate) of RM450m; and
(5) RM3.4m in net unrealised exchange loss.
Sime Darby Berhad : Confidence Still Shaky - 31/5/2010
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