IOI Corp Bhd’s net profit dropped 41.4 per cent to RM176.7 million in the first quarter (Q1) ended September 30 from RM307.7 million a year ago following the demerger of its properties business and lower contribution from its resource-based manufacturing segment. IOI Corp said yesterday its revenue fell 6.7 per cent to RM3.02 billion from RM3.24 billion previously. The lower earnings were due mainly to the cessation of profit contribution from property-related business in the just-ended quarter following the demerger, it said in a statement. However, IOI Corp said the decline was moderated by lower translation loss on foreign currency denominated borrowings. “Excluding the effect from the demerger and translation difference on foreign currency denominated borrowings for both Q1 FY2015 and Q1 FY2014, the underlying profit of RM268.9 million for Q1 FY2015 is 24 per cent lower than the underlying profit of RM352.1 million for Q1 FY2014. “This is mainly due to lower contribution from resource-based manufacturing segment, mitigated by higher contribution from plantation segment,” it said.
Posted on: Tue, 18 Nov 2014 08:16:34 +0000
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