PETALING JAYA: PPB Group Bhd’s net profit for the second quarter ended June 30,2019 (2Q19) nearly halved by 47% to RM159.97mil from RM304.47mil a year ago, dragged by weaker contribution from both Wilmar International Ltd and the grain and agribusiness segment.
In a filing with Bursa Malaysia, the group said its profit contribution from Wilmar was lower at RM117mil for the quarter from RM230mil a year ago.
“Combined segment profits were lower at RM133mil in 2Q19 from RM247mil a year ago, ” it added.
However, revenue was up 6.5% to RM1.15bil in the quarter from RM1.08bil a year ago, mainly due to higher revenue from grain and agribusiness, as well as the film exhibition and distribution segments.
For the financial year ending Dec 31,2019, the group expects its grains and agribusiness segment to capitalise on its market position and would implement strategies to remain resilient throughout the year.
Moreover, it believes that the film exhibition and distribution segment would be supported by the introduction of new cinematic technology and facilities in selected locations with the opening of new cinemas and strong title releases.
On its property segment, PPB said it would continue to complete its existing projects and improve the yield of its existing investment properties.