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UEM is hit by Qatar losses

Malaysian firm, UEM World, is hoping to revive its overseas construction business after incurring US $141 million (QR514 million) worth of losses in Qatar.

Malaysian firm, UEM World, is hoping to revive its overseas construction business after incurring US $141 million (QR514 million) worth of losses in Qatar.

The company made a pre-tax loss of $45 million last year, mainly due to provisioning for losses made on the Salma Highway project in Qatar, as well as on projects in India.

But its construction and building materials division is this year expected to see a 12% rise in its return on equity, compared with a fall of 10% in 2005.

UEM’s chief executive officer, Datuk Ahmad Pardas Senin, blames the overseas losses on its previous ‘sporadic opportunistic strategy’.

He said the company had learnt a bitter lesson from the Qatar project, where losses were incurred through subsidiary, UEM Builders.

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