CB Industrial 2Q net profit down 29.2%

-A +A

KUALA LUMPUR (Aug 23): CB Industrial Product Holding Bhd’s second quarter net profit dropped 29.2% to RM17.46 million or 3.34 sen per share from RM24.67 million or 4.71 sen per share a year ago, due to share of losses incurred by its associates and joint ventures.

Revenue for the quarter ended June 30, 2018, however, rose 19.5% to RM158.11 million from RM132.34 million previously, following higher project billings by the special purpose vehicle's segment.

The palm oil equipment and engineering segment’s revenue and pre-tax profit fell by 2% and 12% respectively due to lower project billings and implementation, the group said in a filing with Bursa Malaysia.

For the cumulative first two quarters, the group’s net profit fell 18.3% to RM35.28 million, from RM43.18 million a year ago.

Six-month revenue came in 4.47% higher at RM289.4 million versus RM277 million previously.

The group said it is optimistic of achieving satisfactory results, mainly driven by the special purpose vehicle and palm oil equipment and engineering segments for the current financial year ending Dec 31, 2018, considering the progress of projects secured in hand and the current challenging environment.

Shares in CB Industrial Product closed unchanged today at RM1.37 for a market capitalisation of RM715.93 million.