KUALA LUMPUR (Feb 24): DRB-HICOM BHD []’s net profit took a hit following the severe floods in Thailand, which saw its earnings falling 27.6% for the third quarter ended Dec 31, 2011, to RM79.57 million from RM110.10 million.
It said on Friday that its automotive division’s earnings were affected by the Thai floods which had caused supply constraints.
DRB-Hicom said revenue rose 5.6% to RM1.69 billion from RM1.60 billion a year ago.
Earnings per share were 4.12 sen compared to 5.69 sen. It declared an interim dividend of 2 sen per share for the quarter.
The group attributed supply constraints arising from the recent Thai floods for its lower revenue and profits.
“Nevertheless, DRB-Hicom with its diverse business background is ready to withstand the challenges thrown its way. Its services and property businesses will continue to provide the mitigating factors,” said its group managing director Datuk Seri Mohd Khamil Jamil.
For the nine months ended Dec 31, 2011, revenue dipped 1.01% to RM4.754 billion from RM4.806 billion, while net profits fell 31.3% to RM274.92 million from RM400.07 million.
On the outlook, DRB-Hicom said the group’s automotive sector was expected to be weaker, contributed by new stringent credit financing policies, stiff global and regional competition, volatility of foreign exchange rates and also supply disruptions of components caused primarily by Thailand flood. It expected normal production to resume in March 2012.
It said on Friday that its automotive division’s earnings were affected by the Thai floods which had caused supply constraints.
DRB-Hicom said revenue rose 5.6% to RM1.69 billion from RM1.60 billion a year ago.
Earnings per share were 4.12 sen compared to 5.69 sen. It declared an interim dividend of 2 sen per share for the quarter.
The group attributed supply constraints arising from the recent Thai floods for its lower revenue and profits.
“Nevertheless, DRB-Hicom with its diverse business background is ready to withstand the challenges thrown its way. Its services and property businesses will continue to provide the mitigating factors,” said its group managing director Datuk Seri Mohd Khamil Jamil.
For the nine months ended Dec 31, 2011, revenue dipped 1.01% to RM4.754 billion from RM4.806 billion, while net profits fell 31.3% to RM274.92 million from RM400.07 million.
On the outlook, DRB-Hicom said the group’s automotive sector was expected to be weaker, contributed by new stringent credit financing policies, stiff global and regional competition, volatility of foreign exchange rates and also supply disruptions of components caused primarily by Thailand flood. It expected normal production to resume in March 2012.
