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AG Report FAMACorp urged to review strategy to raise revenue

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AG Report FAMACorp urged to review strategy to raise revenue Empty AG Report FAMACorp urged to review strategy to raise revenue

Post by Cals Tue 17 Jun 2014, 01:20

AG Report FAMACorp urged to review strategy to raise revenue
Business & Markets 2014
Written by Bernama   
Monday, 16 June 2014 18:15

KUALA LUMPUR (June 16): FAMA Corporation Bhd (FAMACorp), which posted cumulative losses of RM12.95 million last year, needs to formulate strategies to raise its revenue and profits, the Auditor General's Report 2013 revealed today.

FAMACorp, a subsidiary of the Federal Agricultural Marketing Authority (FAMA), posted after-tax losses over the 2009-2013 period, due to the high cost of goods sold in relation to revenues, the Auditor General's Report 2013 series 2, issued by the National Audit Department today, said.

"FAMACorp should improve the management of its activities or end uncompetitive activities, in order to improve its financial performance.

"It should hold Board of Directors meetings as often as possible, to ensure company operations are well-managed, besides ensuring all members of the Board play an active role in the meetings," the report said.

The National Audit Department also urged FAMA to hold a comprehensive internal audit on FAMACorp, to improve internal controls over its financial management.
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