IOI Corp Q2 earnings slump on forex translation losses

IOI Corp's segmental profit fell 26% to RM431.2mil from RM581mil a year ago due to the forex losses arising from weaker ringgit from the resource-based manufacturing segment of RM105.4mil (Q2 FY2014 – loss of RM5.2mil).

“Excluding the unrealised fair value loss in foreign currency forward exchange contracts for both Q2 FY2015 and Q2 FY2014, the underlying segmental profit of RM536.6mil for Q2 FY2015 is 8% lower than the underlying profit of RM586.2mil for Q2 FY2014,” it said.