Thursday, November 24, 2011

UMW 3Q earnings up 13.2% to RM169m on O&G, auto biz

KUALA LUMPUR (Nov 24): UMW HOLDINGS BHD [] posted a 13.2% increase in earning to RM169.17 million from RM149.39 million a year ago, underpinned by its oil and gas business and also the automotive division.

It said on Thursday that revenue increased by 19.5% to RM3.691 billion from RM3.087 billion while earnings per share were 14.51 sen compared with 13.17 sen. It declared an interim dividend of 13.5 sen per share, unchanged from a year ago.

UMW said the higher revenue from the four business segment contributed to the higher revenue. It added that swift production recovery from the impact of the Japan tsumani saw the automotive and equipments to record a surge in revenue.

It added the higher profit was due to increased sales of Toyota and Perodua and the favourable exchange rate for the US dollar resulted in higher profit contributions from the automotive sector.

For the nine-month period, the earnings recorded an 8.4%decline to RM452.18 million from RM493.94 million while but revenue rose 7.2% to RM10.079 billion from RM9.402 billion.

On the severe flooding in Thailand, UMW said the incident had not directly affected any of the three Toyota vehicle production plants in Samrong, Ban Pho and Gateway. However, vehicle production in Thailand had stopped since Oct 10 due to the disruptions in the supply of critical parts by suppliers in Thailand who were impacted.

On the group revenue for the nine-month period ended Sept 30, it said the additional revenue contributions were from the three offshore rigs coupled with strong demand for the heavy and industrial equipment.

As for the lower pre-tax profit, which eased 2.1% to RM1.065 billion from RM1.088 billion, it attributed this to the substantial increase in the cost of base oil while its newly-completed plans overseas were still in the initial stages of operating below breakeven capacity.

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