BUSINESS

ORIENTAL HOLDINGS'S 1Q NET PROFIT FALLS 64.8 PCT TO RM94.24 MLN

30/05/2023 08:26 PM

KUALA LUMPUR, May 30 (Bernama) -- Oriental Holdings Bhd's net profit plunged 64.8 per cent to RM94.24 million in the first quarter (1Q) ended March 31, 2023, from RM267.84 million in the same period last year.

The lower profit was mainly attributed to the exceptional gain on disposal of one of the hotels in Melbourne, Australia of RM210 million in 1Q last year, and lower unrealised foreign exchange gain on the Indonesian Rupiah against the Singapore dollar and the Japanese yen-denominated borrowings from the plantation segment.

Revenue, however, increased by 2.6 per cent to RM964.41 million versus RM939.96 million previously.

“The increase in revenue was mainly attributed to the higher contribution from automotive, plastic and investment properties and trading of building material products segments,” the company said in a filing with Bursa Malaysia Tuesday.

The revenue and operating profit from the automotive segment increased by 8.4 per cent to RM497.3 million and 65.7 per cent to RM 39.1 million, respectively.

For the retail operations in Singapore, revenue and operating profit increased by 6.1 per cent and 72.3 per cent, respectively.

Revenue for the retail operations in Malaysia increased by RM19.0 million with a slight increase in operating profit by RM1.5 million, mainly attributed to a higher number of service intake and improved gross profit margin due to product mix despite the lower number of cars sold.

The plastic segment recorded an increase in revenue of 49.4 per cent to RM 85.9 million and operating profit increased by 152.5 per cent to RM 10.1 million.

The hotels and resorts segment recorded an increase in revenue of RM59.5 million and recorded a significant dropped in operating profit to RM12.5 million.

The healthcare segment’s revenue increased to RM27.1 million and operating profit increased to RM2.6 million due to a higher number of patients.

In contrast, the plantation segment generated a revenue of RM162.6 million, a decrease of 32.3 per cent compared to the corresponding period last year of RM240.1 million. The segment recorded an operating profit of RM76.7 million (2022: RM164.6 million).

Moving forward, the board will continue to demonstrate resilience by placing emphasis on improving the company’s efficiency and look forward to seeking business opportunities to add synergy to its existing business.

-- BERNAMA

 

 


BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2024 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy