malaysias sime darby in the fourth quarter profit sinks 17
Last Updated : GMT 13:03:42
Arab Today, arab today
Arab Today, arab today

Malaysia's Sime Darby in the fourth quarter profit sinks 17%

Arab Today, arab today

Arab Today, arab today Malaysia's Sime Darby in the fourth quarter profit sinks 17%

Malaysian conglomerate Sime Darby
Kuala Lumpur - AFP

Malaysian conglomerate Sime Darby Wednesday reported a 17 percent year-on-year fall in net profit in the fourth quarter due to a plunge in commodity prices and poor sales of vehicles and industrial equipment in key markets like China.

The world's largest listed palm oil producer by acreage said net profit for April-June was 988.7 million ringgit ($233.30 million), compared with 1.2 billion ringgit in the same quarter last year.

Sime Darby, which is also involved in property and the industrial and hospital sectors, said quarterly revenue rose 2.80 percent year-on-year to 12.86 billion ringgit.

"The Group continued to be adversely impacted by bearish commodity prices and volatile market conditions in the period under review," its chief executive Bakke Salleh said in a statement.

"Crude palm oil and coal prices have been on a downward trend and the challenging business environment has resulted in subdued demand in most of our business activities, thus culminating in a weaker set of earnings."

The price of crude palm oil,  which has fallen by about 16 percent year-to-date, is currently below 2,000 ringgit per tonne.

Plummeting oil and other commodity prices have had a serious impact on Malaysia's growth prospects and government revenues.

The economy grew at its slowest pace in nearly two years in April-June at 4.9 percent, down from 6.5 percent in the same period last year, as both exports and private consumption weakened.

For the full financial year Sime Darby recorded a 2.3 billion ringgit net profit, down 31 percent from the previous financial year.

The multinational conglomerate said it expects to face major headwinds on the back of an economic slowdown, particularly in China where it operates.

"The challenging business climate is expected to continue amid an environment of economic stagnation... the weak outlook for commodity prices coupled with cautious consumer spending and stricter monetary policies will be some of the major headwinds that the group is expected to face," Sime Darby said.

Malaysia and Indonesia together  account for 85 percent of global palm oil production.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

malaysias sime darby in the fourth quarter profit sinks 17 malaysias sime darby in the fourth quarter profit sinks 17

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

malaysias sime darby in the fourth quarter profit sinks 17 malaysias sime darby in the fourth quarter profit sinks 17

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday