Sime Darby net profit more than doubles in Q2

Sime Darby said it is well-positioned to ride the wave of demand for luxury cars but is mindful of the risks from the ongoing Covid-19 pandemic.

KUALA LUMPUR: Sime Darby Bhd posted a net profit of RM633mil in the second quarter ended Dec 31,2020, more than double the net profit of RM282mil in the previous corresponding quarter, due to a stake sale in Tesco Malaysia and improved contribution from its motors division.

Excluding the net gain of RM272mil from the sale of its 30% interest in Tesco Malaysia, the group’s net profit in the quarter was 28% higher year-on-year (y-o-y).