SAM Engineering registers lower earnings in Q2

KUALA LUMPUR (Bernama) -- Sam Engineering & Equipment (Malaysia) Bhd’s net profit eased 25% year-on-year to RM15.48mil in its second quarter ended Sept 30, 2020, due to lower contribution from the aerospace segment.

The group, which makes aircraft components and parts as well as equipment, said revenue for the quarter was, however, was marginally higher at RM220.90mil compared with RM210.46mil a year earlier as the increase in revenue from the equipment segment offset lower sales from the aerospace segment.

"For the equipment segment, the increase in demand from the data storage and semiconductor customers and favourable foreign currency translation contributed to the higher revenue.

"The lower revenue from the aerospace segment was due to the reduction of aircraft production rate due to the disruption and decrease in air travel as a result of COVID-19,” it said in a filing with Bursa Malaysia.

Meanwhile, the group said the pandemic had triggered soaring demand for semiconductors and data storage devices used in communications and information technology infrastructures.

"The demand from our semiconductor and data storage customers echoed the positive business sentiments observed in the market. Our newly awarded projects have commenced mass production and at the same time, we continue to explore new projects with our customers,” it added.

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