KUALA LUMPUR (Nov 21): UMW Holdings Bhd's share price dropped as much as 18 sen or 4% to RM4.32 in afternoon trades today after the diversified group said yesterday it had revised downward its net profit for the second quarter ended June 30, 2019 (2QFY19) to RM57.2 million from RM84.2 million.

Yesterday, UMW said in a Bursa Malaysia filing it had inadvertently omitted an elimination for the reversal of provision for a financial guarantee amounting to RM27 million in the earlier 2QFY19 results announcement.

"This has given rise to an adjustment being made to the group's profit before taxation from RM179.1 million, as disclosed in the earlier announcement on 2QFY19 results dated Aug 27, 2019, to RM152.1 million under the revised financial results announcement. Relevant consequential amendments to 2QFY19 results have also been made accordingly, where the PATAMI (profit after tax and minority interests) for 2QFY19 is now adjusted from RM84.2 million to RM57.2 million and the 2QFY19 earnings per share adjusted from 7.21 sen to 4.90 sen," the group said.

Today, UMW shares were traded at RM4.33 at 3:51pm. The stock saw 548,900 shares transacted. UMW's businesses include car and heavy equipment dealerships, according to its website.