Friday, November 26, 2010

Sime Darby in the black in 1Q, net profit RM654.7m

KUALA LUMPUR: SIME DARBY BHD [] swung back into the black with net profit of RM654.74 million in the first quarter ended Sept 30, 2010 and has set a target of achieving net profit of RM2.5 billion for the current financial year.

According to its announcement on Friday, Nov 26, the earnings were however lower by 4.3% from RM684.64 million a year ago.

But this was a turnaround from the preceeding fourth quarter ended June 30 when it posted a net loss of RM77.35 following additional provisions for the loss-making energy and utilities (E&U) division.

(Sime Darby's E&U division reported an operating loss of RM1.75 billion for FY2010 after making additional provisions of RM777.3 million for 4QFY2010. Including the RM1.308 billion provisions up to 3QFY2010, the total provisions for foreseeable losses and impairments for the full year amounted to RM2.085 billion).

Sime Darby said revenue rose 13.5% to RM8.78 billion from RM7.73 billion while earnings per share were 10.89 sen versus 11.39 sen.

At the pre-tax level, it posted profit of RM940.64 million, a 4% decline from 982.23 million a year ago.

The group also announced its headline key performance indicators (KPIs) for the financial year ending June 30, 2011, wherein a target net profit after tax and minority interests of RM2.5 billion and a return on average shareholders' funds of 11.5% had been set.

Sime Darby also said current acting president and group chief executive, Datuk Mohd Bakke Salleh, will be appointed president and group chief executive with effect from Saturday, Nov 27.

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