SOVEREIGN wealth fund Khazanah Nasional Bhd today reported losses of RM6.27 billion last year from a profit of RM2.896 billion the year before.
Khazanah said its portfolio value, as measured by its net worth, also declined RM25 billion (21.6%) to RM91 billion at end 2018 from RM116 billion the year before.
At Khazanah’s annual performance review in Kuala Lumpur today, the company said that the poor performance last year was due to global and domestic developments.
“Profitability was affected due to fewer divestments, reduced dividend income and higher impairments during a period of transition for Khazanah in an unfavourable market,” it said in a statement.
Khazanah said the realisable asset value of its portfolio value fell to RM136 billion in 2018 from RM157 billion in the previous year.
The wealth fund also announced a new investment strategy that classifies its portfolio into a commercial and strategic fund.
The rejig comes as Putrajaya seeks to raise money for government coffers, depleted by a fiscal deficit and massive debt from a multi-billion-dollar scandal at state investment fund 1Malaysia Development Bhd (1MDB).
THE MALAYSIAN INSIGHT
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