OSK Holdings earnings rise


  • Corporate News
  • Tuesday, 26 Nov 2019

You City III

KUALA LUMPUR: OSK Holdings Bhd’s net profit rose to RM107.58mil for the third quarter ended Sept 30, 2019, from RM63.52mil a year earlier mainly driven by its property and financial services businesses.

However, revenue slipped about a tenth to RM315.72bil compared with RM351.24mil previously, the diversified group said in a filing with Bursa Malaysia yesterday.

The property segment’s pre-tax profit improved substantially – up 115% year-on-year (y-o-y) to RM56.1mil – due to higher share of profit of associated companies and reversal of costs provided no longer required upon completion of certain projects, OSK Holdings said.

The financial services and investment holding segment, meanwhile, boosted its pre-tax profit by 68.2% to RM57.48mil, thanks to higher interest income, bigger contribution from its share of the RHB Group’s profit and lower financing cost incurred in the quarter.

The group’s three other business segments are industries (manufacturing power cables, wires and building materials), which saw a lower profit during the quarter under review. — Bernama
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