?The proposed project, if materialised, could provide Tan Chong Motor with opportunity to expand its foothold in the automotive industry in Vietnam,? the company said in a filing with Bursa Malaysia last Friday
KUALA LUMPUR: PRG Holdings Bhd
's Hong Kong subsidiary, Furniweb Holdings Ltd, which recently issued a profit warning, posted sharply lower net profit of only RM453,000 in the nine months ended Sept 30, 2018.
Net profit tumbled 87% from RM3.48mil in the previous corresponding period. Its revenue fell 21.2% to RM67.53mil from RM85.79mil, according to Furniweb's statement to the Stock Exhange of Hong Kong.
PRG owns 63% of Furniweb and announced the financial results to Bursa Malaysia on Monday
Furniweb is listed on the GEM of the HK bourse and its core businesses are manufacturing and sale of elastic textile and webbings.
For the third quarter, its fared much better with net profit down just 10% to RM1.57mil from RM1.75mil a year ago. Its revenue declined 15.7% to RM23.04mil from RM27.34mil.
Commenting on the results, Furniweb said the decrease in revenue was mainly due to reduced sales for certain existing products as certain customers became more prudent in their procurement plan.
It attributed this to the uncertainty in the global trade market as a result of the US-China trade spat.
Furniweb also said some customers also reduced their purchases as their local currencies depreciated against US dollar.
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