Friday 29 Mar 2024
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KUALA LUMPUR: Oriental Holdings Bhd recorded net profit of RM91.23 million in the second quarter ended June 30, 2009 (2QFY09), which was 29.8% lower than the RM129.93 million registered a year earlier.

The lower earnings was mainly due to a decline in contributions from most of its major divisions as a result of the current economic crisis. No dividend was proposed for the quarter under review. Correspondingly, revenue for the quarter came in at RM899.6 million or 39.4% lower than RM1.48 billion recorded last year.

For the first six months of the year, Oriental’s net profit declined by 29.8% to RM144.2 million against RM205.58 million in 2008, while year-to-date revenue of RM1.79 billion was 34.9% lower than the RM2.76 billion recorded in the corresponding period last year.

In a statement to the local bourse today, Oriental said the automotive retailing subsidiaries for both Malaysia and Singapore was in tandem with the overall drop in sale of the motor industry.

Commenting on the company outlook, Oriental said the performance of its plantation subsidiaries might be impacted by the volatility of both crude palm oil prices and foreign exchange, while the automotives and hospitality subsidiaries are to maintain the current performance.

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