Tuesday, November 15, 2011

OSK Holdings 3Q net profit dips 14.2% to RM28.8m

KUALA LUMPUR (Nov 15): OSK HOLDINGS BHD []'s reported a 14.2% decline in net profit to RM28.81 million for the third quarter ended Sept 30, 2011 from RM33.60 million a year ago as it included RM5.63 million allowance for impairment losses on investments.

It said on Tuesday revenue rose 13.1% to RM288.78 million from RM255.35 million and earnings per share were 3.07 sen compared with 3.58 sen.

'The improvement in operating profit was achieved on the back of higher net gains from investment banking activities; loans and deposits growth and Islamic banking operations,' it said.

OSK Holdings added for the nine-month period, its earnings increased 5.2% to RM81.04 million from RM76.98 million in the previous corresponding period while revenue increased at a strong pace of 17.6% to RM835.49 million from RM710.25 million.

'The improvement in revenue was mainly due to higher contribution from investment banking activities and increase in fee income from equities and unit trusts,' it said.

OSK Holdings said Malaysian operations registered an increase in its profit before tax for the nine-month period by 21% to RM113.77 million from RM94.04 million a year ago.

Total profit before tax contribution by foreign subsidiaries amounted to 19% or RM27.34 million versus 33% or RM45.54 million a year ago.

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