Business

Saturday August 22, 2009

UMW profit down on weak spending and economic downturn


PETALING JAYA: UMW Holdings Bhd saw its net profit and revenue for the quarter ended June 30 take a hit as spending by consumers and industries declined due to the global economic downturn.

Net profit fell 47.64% to RM79.43mil from RM151.72mil in the previous corresponding period on revenue that dropped 27.66% to RM2.58bil from RM3.56bil.

“Decline in spending by consumers and industrial sectors due to the global economic downturn resulted in the lower revenue recorded by the automotive, equipment, and manufacturing and engineering segments,” it said in a filing with Bursa Malaysia yesterday.

The weakening of the ringgit against the US dollar and yen also affected profit margins, the company said, adding that the oil and gas segment registered a positive variance for both revenue and profit for the quarter as contributions from new local and overseas investments flowed in.


UMW : [Stock Watch] [News]

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