Hume Industries posts Q2 loss of RM4.43mil

PETALING JAYA: Hume Industries Bhd posted a net loss of RM4.43mil in its second quarter to end-December compared with a net profit of RM9.2mil in the year-ago quarter amid a challenging operating environment.

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 with a net earnings of RM17.22mil on the back of RM315.63mil in revenue in the year-ago period.

The group recorded a loss of 83 sen per share year-to-date versus an 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 yesterday, the counter’s share price was unchanged at RM2 each on low trading volume.

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