LTAT pre-tax profit up 45% to RM1.5b

KUALA LUMPUR: Lembaga Tabung Angkatan Tentera’s (LTAT) pre-tax profit jumped 45.1% to RM1.5bil for the financial year ended Dec 31, 2007 from RM1bil in 2006.

Announcing the strong set of results on Tuesday, the armed forces fund said gross income rose to a 10-year high of RM616.9mil for FY07, or 31.6% from FY06.

LTAT said its total assets rose to RM6.7bil from RM6bil in FY06. The group’s total assets, which included subsidiaries, rose to RM47.8bil from RM44bil in FY06.

The fund declared total dividend and bonus of 16% for FY07, which amounted to RM552.2mil, up 15.3% from FY06.

LTAT chairman Laksamana Tan Sri Mohd Anwar Mohd Nor (Rtd.) said: “LTAT’s selective and proactive investment strategy as well as its commitment towards prudence in spending via the constant review of its cost structures have continued to bear fruits.”

He said in FY07, there was improved performance across the board by LTAT and its group of companies, especially in managing contributors’ funds and assets to provide the best returns possible.

In FY07, LTAT paid out RM3.5 million under its death and disability benefits scheme.

Its Yayasan Warisan Perajurit or Armed Forces Heritage Foundation awarded scholarships totaling RM4.1mil to 7,358 students who achieved outstanding results in their Ujian Penilaian Sekolah Rendah (UPSR) and Penilaian Menengah Rendah (PMR) examinations, as well as to those who were offered places at institutions of higher learning.

Since the foundation was set up in 2000, it had awarded RM22.3mil in scholarships to 20,800 students and also RM1.6mil to disabled ex-servicemen.

LTAT’s group of companies had also pledged to donate RM50mil to Yayasan Warisan Perajurit to help finance various scholarship programmes initiated by the foundation from 2007 to 2011.

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