PETALING JAYA: Sime Darby Bhd reported a net profit of RM222.0 million for the third quarter (Q3) ended March 31, 2019, a jump of 64.4% against RM135 million recorded in corresponding quarter last year, mainly attributed to the strong performance of its industrial division.
The group registered revenue of RM8.57 billion for the quarter under review, 3.3% higher than the RM8.29 billion recorded previously.
For the nine-month period, Sime Darby saw a higher net profit of RM764 million in its continuing business segments against RM455 million for the same period in the previous financial year with adjustment following the demerger of its plantation and property businesses in November 2017.
Its nine-month revenue stood at RM26.83 billion, 6.3% higher than the RM25.25 billion recorded for the same period in 2018.
Sime Darby group CEO Datuk Jeffri Salim Davidson said its Australian industrial business has once again provided strong earnings to support the group, as it continues to benefit from improved trading conditions in the mining and construction sectors in Australia.
In Q3, its industrial division’s profit surged 171.4% to RM209 million against RM77 million reported in the same quarter last year.
However, the motor division’s profit went down 15.8% to RM112 million, due to competitive market conditions in China and a weaker vehicle sales environment in Singapore and Australia.
For its logistic division, the disposal of the Weifang water asset in September 2018 resulted in a lower contribution from the segment with a profit of RM11 million in Q3.
Barring any unforeseen circumstances, Sime Darby expects the group’s performance for the financial year ending June 30, 2019 to be better than that of the previous financial year.
At 3pm, the stock was trading 8 sen or 3.4% lower at RM2.28 on 2.79 million shares done.
from Business http://bit.ly/2HIlmil
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