Auditor-General's Report: Five federal agencies recorded deficits of RM3.115bil

Source: The Star

PETALING JAYA: Five federal agencies recorded deficits amounting to RM3.115bil, according to the Auditor-General's Report on Federal Agencies 2022.

The five are the Federal Land Development Authority (Felda), the Electric Industry Fund Group (KWIE), the Railway Asset Corporation (RAC), the National Trust Fund Group (KWAN), and the Kuala Lumpur City Hall (DBKL).

The report found that Felda's expenditure in 2022 amounted to RM1.947bil.

"The expenditure within Felda exceeded the income of RM0.942bil due to an increase in the impairment of value by RM0.742bil, resulting in a profit loss of RM1.005bil," it said.

"This situation is partly caused by the impairment of investment value by RM0.380 billion, amounts owed by subsidiary companies totaling RM0.193bil, and settler debts amounting to RM0.147bil," the report added.

It said that KWIE's expenditure was RM1.015bil in 2022, exceeding its income of RM0.025 bil and this has produced a deficit of RM0.990bil in KWIE.

"This is because KWIE does not receive any revenue from the excess electricity tariff rebates or charges due to increased fuel costs.

Additionally, KWIE's funds are used to cover rebate expenses as a mitigation plan to minimize the impact of electricity tariffs on consumers," it said.

Meanwhile, the RAC's expenditure in 2022 was RM0.641bil, surpassing its income of RM0.157bil, resulting in RM0.484 bil of losses.

This is due to a decrease in the sale of used goods by RM0.162bil in 2022.