UMW Q3 net profit slips to RM101mil

KUALA LUMPUR (Bernama) -- UMW Holdings Bhd’s net profit narrowed to RM101.28 million in the third quarter ended Sept 30, 2020 (Q3FY20) from RM110.29 million in the same period last year.

Revenue also shrank to RM2.66 billon from RM2.89 billion previously mainly pressured by lower sales in all business segments, following the Recovery Movement Control Order (RMCO) which were implemented since June due to the COVID-19 pandemic, it said in a filing with Bursa Malaysia today.

The exclusive distributor of Toyota and Lexus vehicles in Malaysia said its automotive segment saw its revenue fall 7.4 per cent to RM2.13 billion from RM2.3 billion in the corresponding quarter last year mainly due to a lower number of vehicles sold in the current quarter due to the RMCO.

"The equipment segment revenue fell to RM297 million from RM353.7 million in the corresponding quarter last year mainly caused by continuous lockdowns in countries that the segment operates in,” it said.

On the manufacturing and engineering segment, UMW said the segment recorded a revenue of RM242.3 million in Q3FY20 against RM252.4 million in the corresponding quarter 2019 mainly due to the lower contribution from the aerospace sub-segment following lower delivery of fan cases in the current quarter.

For the cumulative nine-month period, UMW’s net profit dipped to RM67.16 million from RM253.98 million previously while revenue declined to RM6.31 billion versus RM8.64 billion earlier.

On prospects, the company said it would continue to focus on strengthening its core business segments and implementing strategic cost optimisation initiatives to improve business performance and productivity.

"Amidst the challenging business environment, the company will strive to maintain its performance for the remainder of the year,” it added.
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