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BUSINESS

Keck Seng Q3 net profit soars to RM61.59 mln

25/11/2022 08:02 PM

KUALA LUMPUR, Nov 25 (Bernama) -- Keck Seng (Malaysia) Bhd’s net profit jumped 250.74 per cent to RM61.59 million in the third quarter ended Sept 30, 2022 (Q3 2022) versus RM17.56 million in the previous corresponding quarter.

Revenue rose to RM441.61 million from RM329.24 million previously.

In a filing with Bursa Malaysia, the company said the manufacturing segment saw higher refining margins and higher foreign exchange gain in the quarter under review.

“The hotel segment recorded a profit in Q3 2022 as compared to a loss in Q3 2021 due mainly to better occupancy and average room rates for the three overseas hotels in Q3 2022.

“The segment also recorded a one-off gain from waiver of loan received by foreign subsidiaries in the United States, under Paycheck Protection Programme in Q3 2022,” it said.

For the nine-month period, net profit soared to RM159.28 million versus RM32.23 million, while revenue increased by 63 per cent to RM1.45 billion from RM893.77 million previously.

Keck Seng said the ongoing armed conflict in Ukraine had triggered a global price fluctuation of commodities.

“Together with the ongoing COVID-19 pandemic, US-China-Taiwan tensions, extreme global climate change, rising interest rates and volatility of currency exchanges, these are likely to create further global security and economic uncertainties which may affect the financial performance of the group in 2022,” it added.

-- BERNAMA

 

 


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