Two of pilgrimage fund Lembaga Tabung Haji’s investment holding subsidiaries based in the UK posted aggregate losses amounting to RM465.18 million for the financial year ended Dec 31, 2023 (FY2023), according to the Auditor General’s Report.

In FY2023, LTH Property Holdings 2 Ltd (LTHP2) incurred a RM186.75 million loss, while LTH Property Holdings 3 Ltd (LTHP3) incurred a loss of RM278.43 million, the report released on Monday showed.

The losses were due to impairment of investment properties, influenced by current interest rates and inflation in the UK.

The losses brought the two units’ streak of losses to three years.

In FY2022, LTHP2 posted a loss of RM42.56 million and LTHP3 RM54.99 million. In FY2021, losses stood at RM22.11 million for LTHP2 and RM14,000 for LTHP3.

Of the federal government agencies’ 217 subsidiary companies, 131 recorded aggregate profits amounting to RM4.09 billion in FY2023, while the remaining 86 incurred losses totalling RM2.81 billion.