KUALA LUMPUR – Sime Darby Bhd posted a higher net profit of RM281 million in the first quarter ended September 30 from RM246 million in the same period last year.
Revenue firmed to RM10.88 billion from RM9.48 billion previously, said the company in a filing with Bursa Malaysia.
It said the net profit increased by 14.2% on strong growth in the group’s motors division, while profit before interest and tax (PBIT) was 17.6% higher year-on-year at RM447 million.
It said the motors division’s PBIT increased by 66.4% y-o-y to RM223 million in the current quarter, with most countries registering higher profits, supported by a 31.2% increase in segment revenue and government grant income of RM33 million.
“Profit from Greater China operations increased by 78.1%, mainly attributable to strong vehicle sales in China, while results from the Singapore operations improved due to higher BMW vehicle sales and lower inventory write-down and provisions.”
It said the profit for the quarter includes net foreign exchange gains of RM7 million from legacy oil and gas operations against a foreign exchange loss of RM3 million in the previous corresponding period.
The industrial division’s PBIT decreased by 24.6% y-o-y to RM196 million in the current quarter, mainly due to lower equipment deliveries and parts sales in Australia, following a fall in coal prices.
“For the logistics division, port operations registered a decline in bulk cargo throughput by 36.5%, mainly due to stiff competition.” – Bernama, November 26, 2020
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