NLFCS records RM43m profit despite downturn

THE National Land Finance Cooperative Society (NLFCS) managed to chalk up a pre-tax profit of RM42.782 million for calendar 1999 from RM70.399 million a year earlier despite the economic slowdown. This was recorded on a lower turnover of RM165.536 million against RM199.408 million, NLFCS secretary Datuk B Sahadevan said in the 1998 annual report released in Kuala Lumpur yesterday. "Higher palm oil fresh fruit bunch (FFB) prices and increased income from housing schemes have contributed to this good performance," he said. The society's 70,213 membership has a share capital of RM51,871,553 while the members bonus share capital stood at RM67,348,800 as at December 31 1998. NLFCS is involved in…