IF one were to take a peek into the history books of government-linked companies (GLCs), they would find that the track record of the companies in the oil and gas (O&G) industry is littered with a pile of losses.
UMW Holdings Bhd
is the latest to bite the dust. It had to make impairments of more than RM2bil for its listed and unlisted O&G units, sending the company into the red for the financial year ended Dec 31, 2016. The Permodalan Nasional Bhd (PNB)-led company, which anchors its core business on the automotive industry, incurred a loss of RM1.7bil, the second consecutive year that it is in the red. In 2015, the losses were at RM37.17mil.
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