Sime Darby Q1 net profit rises to RM246m

Sime Darby's revenue also rose 7.1 per cent to RM9.48 billion from RM8.85 billion previously. — Reuters pic
Sime Darby's revenue also rose 7.1 per cent to RM9.48 billion from RM8.85 billion previously. — Reuters pic

KUALA LUMPUR, Nov 26 — Sime Darby Bhd’s net profit for the first quarter (Q1) ended September 30, 2019, rose 9.3 per cent to RM246 million from RM225 million posted in the same quarter a year ago.

The increase was due to strong growth in the group’s industrial division particularly for the Australasia and China operations, and improvement in the group’s motors business in China, it said in a filing with Bursa Malaysia today.

Revenue also rose 7.1 per cent to RM9.48 billion from RM8.85 billion previously.

Excluding one-off gains, impairments, and provisions, the group’s core net profit rose 42.9 per cent year-on-year to RM270 million from RM189 million.

Group chief executive officer Datuk Jeffri Salim Davidson said Sime Darby’s order book for the industrial division was solid at RM2.5 billion as at September 30, 2019.

“This is a promising start to the 2020 financial year given the uncertainties surrounding the global economy and the tough competition, especially in the motors segment.

“While we are cautiously optimistic of the prospects ahead, we remain focused on integrating our new acquisitions and on executing our strategies,” he said. — Bernama

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