Petronas and ringgit volatility

Malaysian ringgit notes are seen among U.S. dollar bills in this photo illustration taken in Singapore August 24, 2015. The Malaysian ringgit hit a fresh pre-peg 17-year low on Monday as sustained worries about China’s economy dented global risk appetite with European and Wall Street stocks suffering their largest one-day drop in nearly four years. The ringgit lost 0.9 percent to 4.2200 per dollar, its weakest since Aug. 31, 1998. The ringgit was pegged at at 3.8000 to the dollar in September 1998 and maintained there until 2005. REUTERS/Edgar Su

If ever there was a time when companies dreaded the volatility of the ringgit against the US dollar, this must be the period.

Form automotive manufacturers to multi-level marketing companies, all are feeling the heat from the volatile ringgit. Tan Chong Motor Holdings Bhd recorded its first quarterly loss in 17 years, while UMW Holdings Bhd has openly declared it is battling the currency movements for its business to be profitable.