KUALA LUMPUR (May 29): PPB Group Bhd’s net profit declined 24.63% to RM187.27 million in the first quarter ended March 31, 2020 (1QFY20) from RM248.45 million last year, due to lower earnings contributions across all divisions, including its associate company Wilmar International Ltd.

Quarterly revenue fell 7.64% to RM1.07 billion from RM1.16 billion, according to a filing to Bursa Malaysia today.

Wilmar, which makes up 82% of the group’s profit before tax during the quarter, contributed RM165 million to PBB's earnings, 14% lower from 1QFY19's RM193 million.

On prospects, PPB said the present challenging operating environment will affect the group's film exhibition and distribution and property segments. Its other main business segments, however, are expected to perform satisfactorily, it said.

Wilmar's performance will also continue to contribute substantially to the overall profitability of the group, PBB added.

Shares of PPB were up 44 sen or 2.6% to close at RM17.36 today, valuing the group at RM24.7 billion.