Corporate earnings briefs: Aug 25

Pet Dag Q2 profit dips to RM3.5m on pandemic hit

KUALA LUMPUR: Petronas Dagangan Bhd’s net profit plunged to RM3.51 million in the second quarter (Q2) ended June 30, as compared with RM172.75 million posted in the same quarter last year as the company took a hit from the movement control order (MCO) imposed to stem the spread of COVID-19.

Group revenue decreased by RM4.67 billion to RM2.93 billion from RM7.6 billion due to the decrease in sales volume by 39 per cent and lower average selling prices of 37 per cent, it said in a filing with Bursa Malaysia today.

For the six-month period, Petronas Dagangan posted a net loss of RM25.91 million versus RM463.94 million net profit in the same period last year, while revenue stood at RM9.48 billion as compared with RM14.69 billion previously. -Bernama

Pos M’sia net loss shrinks 61% in Q2

KUALA LUMPUR: Pos Malaysia Bhd’s net loss decreased substantially by 61% to RM19.02 million in the second quarter ended June 30, 2020 (2Q20) compared with the preceding quarter, according to the group’s Bursa filing.

Revenue increased sharply to RM606.1 million from RM573 million previously, driven by strong demand for courier services and higher postal tariffs.

Its courier business’ revenue increase by 20% in Q2’20 compared to the same corresponding quarter in 2019 with the increase in demand from e-commerce and online marketplaces.

IOI Corp records higher revenue for FY20

KUALA LUMPUR: IOI Corp Bhd’s net profit eased to RM600.9 million in the financial year ended June 30, 2020 (FY20), from RM631.70 million a year earlier.

Revenue for the quarter increased to RM7.8 billion from RM7.39 billion a year earlier

IOI Corp’s plantation segment profit of RM701.5 million for FY2020 is 45% higher than the profit of RM483.9 million for the financial year ended June 30, 2019 (FY2019) , mainly due to higher crude palm oil (CPO) price realised as well as improved crude palm oil extraction rate.

Average CPO price realised for FY2020 was RM2,314 per metric tonne from RM2,025 per metric tonne in 2019. -Bernama

Boustead Plantations sees Q2 earnings drop

PETALING JAYA: Boustead Plantations Bhd recorded a net profit of RM7.08 million for the second quarter ended June 30, a drastic 91% plunge from its 2Q’19 net profit of RM79.23 million. Revenue however was higher at RM167.1 million, from RM123.95 million previously.

For the cumulative period, the group saw a net loss of RM2.47 million on a revenue of RM329.74 million, from RM63.03 million and RM258.9 million respectively.

Tan Chong posts Q2 net loss of RM79.4m

PETALING JAYA: Tan Chong Motor Holdings Bhd saw a net loss of RM79.4 million for the second quarter ended June 30, compared with a net profit of RM19.43 million in the previous corresponding quarter - reflecting the impact of the Covid-19 pandemic on the group’s operating segments.

Revenue was also lower at RM512.9 million, from RM1.1 billion previously.

For the six month period, the group’s net loss stood at RM88.62 million, from a net profit of RM35.4 million a year before. Revenue was RM1.25 billion, from RM2.15 billion in 1H’19.

Affin Bank posts 1H net profit of RM205.4m

PETALING JAYA: For the half year ended June 30, Affin Bank Group’s revenue increased by 17.8% to RM1.14 billion as compared to the same period of previous year, driven by higher net gain on financial instruments of RM239.5 million and higher net fee and commission income of RM22.2 million.

However, its net profit declined 33% to RM205.4 million from RM306.82 million in 1H’19 mainly from higher credit impairment losses, higher overhead expenses and the recognition of modification loss.

source https://www.thesundaily.my/business/corporate-earnings-briefs-aug-25-AC3646064