KUALA LUMPUR, June 15 — UMW Holdings Bhd’s net profit for the first quarter ended March 31, 2020, slipped to RM44.32 million as compared with RM86.50 million recorded in the same period last year.
Revenue fell to RM2.12 billion from RM2.78 billion previously, the group said in a filing with Bursa Malaysia today.
It said the decrease in revenue was mainly due to lower sales in the automotive and equipment businesses following disruptions caused by the Covid-19 pandemic.
Despite the subdued market environment, the group is cautiously optimistic of improving demand from customers post-movement control order (MCO), moving forward.
“Furthermore, the group plans to launch a pipeline of exciting new models to soften the impact of market slowdown.
“The segment should also benefit from the recent announcement of 100 per cent sales tax exemption on completely knocked down (CKD) vehicles and 50 per cent exemption for completely built unit (CBU) vehicles effective June 15, 2020 to Dec 31, 2020,” it said. — Bernama
