During the quarter in review, the car distributor registered a net profit of RM32.82mil compared with RM19.43mil in the corresponding period last year. Consequently, its earnings per share jumped to 8.4 sen from 4.97 previously
KUALA LUMPUR: Hume Industries Bhd posted a net loss of RM4.43mil in its second quarter compared to a net profit of RM9.2mil in the year-ago quarter amid a challenging operating environment.
While revenue in the quarter was 1.7% lower at RM162.9mil versus RM165.7mil a year ago, the group said lower selling prices and higher operating expenses negatively impacted its profit for the quarter.
For the first half of its current financial year, Hume recorded losses of RM3.99mil on the back of RM324.67mil in revenue. This compares to net earnings of RM17.22mil on the back of RMM315.63 mil revenue in the year-ago period.
The group recorded a loss of 83 sen per share year-to-date versus earnings of 3.59 sen a share in the comparative period.
In its announcement to the stock exchange, the group said the business environment is expected to remain challenging for the current financial year although a pick-up in demand is also on the cards.
"Moving forward, the board believes that the demand for cement and concrete products will improve with the impending implementation of major infrastructure projects in the country," it said.
At market close on Monday, the counter's share price was unchanged at RM2 apiece on low trading volume
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