NEWS IN BRIEF: NOV 29, 2019

SHARIFAH PIRDAUS SYED ALI

WIDAD GROUP BHD’s net profit improved to RM6.83 million in the third quarter ended Sept 30, 2019, from RM6.73 million in the same quarter last year.

However, revenue slipped 38.46 per cent to RM40.34 million from RM65.55 million previously, mainly due to the completion of two construction works and an integrated facilities management (IFM) contract in the early part of the 2019 financial year.

In a filing with Bursa Malaysia, Widad said the group was confident of its performance for the remaining period up to the end of the financial year, on the back of its remaining order book worth RM900 million.

Moving forward, the group said it had also taken a few strategic initiatives to continue exploring opportunities that could provide long-term and stable revenue and would continuously monitor its business operations to ensure that it is run efficiently and competitively.

-- BERNAMA

 

SIME DARBY PLANTATION BHD has posted a net loss for the third quarter ended Sept 30, 2019 of RM243 million against a net profit of RM115 million in the corresponding quarter of the previous year, largely due to a net loss registered by its discontinuing operations of RM275 million, arising mainly from the impairment of assets in Liberia.

In a statement today, the company said from its continuing operations, it reported a net profit of RM32 million compared with a net profit of RM126 million in the same quarter last year.

“The decline in profit was due to weaker average crude palm oil and palm kernel prices realised which was further exacerbated by lower fresh fruit bunches production in the quarter under review. This was partially cushioned by the stronger performance and contribution from Sime Darby Oils (downstream) operations, lower finance costs, and lower tax expense,” it said.

Group managing director Mohamad Helmy Othman Basha said despite these difficulties, the group will be more resilient as it had put in place performance improvement measures to overcome the challenges and strive for greater profitability and productivity targets.

"This includes balancing the profit contribution from both our upstream and downstream segments, strengthening our approach to improving operational efficiencies, as well as maintaining disciplined  management of our cost and liquidity,” he added.

-- BERNAMA