The declined in profitability was due to a provision for doubtful debts of RM48 . 1 million made by the company in the second half-year following the downturn of trading conditions.
32.
Provisions for doubtful debt were 170 million shekels in the quarter, compared with 81 . 2 million shekels in the same quarter last year, an increase of 9 . 8 percent.
33.
The bank decided to accelerate " the rate of additional provision for doubtful debt, " including a special provision of 75 million shekels, because of a " slowdown of economic activity ."
34.
Bank Hapoalim, the country's largest bank, had an increase of 46 percent in net profit as it made more profit from financing, from affiliated companies, and had lower provisions for doubtful debt.
35.
Its wholly-owned subsidiary, MBf Factors, managed a lower pre-tax profit of RM2.6 million compared with RM9.1 million previously, due to the rising cost of funds and also an increased provision for doubtful debts.
36.
Pengkalen Holdings also announced a group pre-tax loss of RM81.32 million for the nine months ended Dec 31, 1997 as a result of a RM76.29 million provision for doubtful debts-mainly for its stockbroking arm.
37.
Net income in 1996 dropped 12 . 6 percent to 235 . 2 million shekels as it raised provisions for doubtful debt, particularly in the construction sector, and as a subsidiary was less profitable.
38.
THE net profit last year of Shougang Concord International Enterprises plunged 97.9 per cent to $ 2.09 million from $ 100.4 million in 1996 because of provisions for doubtful debts and foreign exchange investments.
39.
They will also be required to raise provisions for sub-standard debts from 15 to 25 per cent but may be allowed to reduce the provisions for doubtful debts from 100 per cent to 50 per cent.
40.
As such, the RM30 million provision for doubtful debts already made in the group and company accounts may not be enough and further provision of the balance may be required should the amounts be non-existent or irrecoverable.
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