Ringgit rings in changes

WITH the ringgit rallying as much as 12.7% during the third quarter this financial year (3Q24) to close at 4.1220 to the dollar, foreign exchange (forex) losses and gains were the dominant factor in terms of reported earnings for corporates with overseas assets and liabilities as well as income and expenses.

The main beneficiaries of the ringgit’s strength were companies like Capital A Bhd (RM2.27bil), Tenaga Nasional Bhd (RM1.11bil), Axiata Group (RM1.03bil), Genting Malaysia (RM602mil), Genting (RM485mil), IOI Corp (RM384mil) while forex losses were reported by PETRONAS Chemicals (RM1.11bil), YTL Power (RM292mil) and YTL Corp (RM281mil).