Westmont Industries posts loss of $180.7 million for 1996
Article Abstract:
Westmont Industries Bhd., the parent firm of Sabah Shipyard Sdn. Bhd., reported a pretax loss of 715 million ringgit ($180.7 million) for its fiscal year 1996. The report is contrary to the firm's announcements in March 1997 that it had an unaudited profit of 63.4 million ringgit for 1996. According to faxed statements released by the firm, the loss is primarily due to provisions made for doubtful debts, writedown of fixed assets and writeback of attributable profit recognized in prior years. The loss wipes out Westmont Industries cash reserves and renders the company technically insolvent.
Comment:
Reports a pretax loss of 715 million ringgit ($180.7 million) for its fiscal year 1996
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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Firms cool to new market; after earlier failure, Thai companies are leery
Article Abstract:
Thai companies are leery of the stock markets as Thailand experienced two losses in the investment arena. The first incident was the closure of the Bangkok Stock Dealing Center, its first over-the-counter market, which traded only two stocks in its four years of existence. The second was the Market for Alternative Investment which has been operating for over a month and yet has to list one single stock. The skepticism of Thai companies is evident with the lack of desire to seek listing.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1999
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