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NewsSapura Industrial 1Q profit plunges 64% yoy; founder appointed chairman
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Sapura Industrial 1Q profit plunges 64% yoy; founder appointed chairman
by Cals Thu 27 Jun 2013, 02:39
| Sapura Industrial 1Q profit plunges 64% yoy; founder appointed chairman |
| Business & Markets 2013 |
| Written by Ho Wah Foon of theedgemalaysia.com |
| Wednesday, 26 June 2013 19:02 |
KUALA LUMPUR (June 26): SAPURA INDUSTRIAL BHD [] said its net profit for the first quarter to end-April 2013 fell 64% year-on-year to RM2.1 million, from RM5.8 million a year ago.
This came on the back of a fall in its revenue, which stood at RM60.3 million in the first quarter of the current financial year -- down from RM65.6 million a year ago.
In its explanatory notes to Bursa Malaysia, Sapura Industrial said net profit was lower due to “low domestic volume and product mix”.
On outlook, it said market conditions will continue to be challenging for the automotive sector in view of the uncertain global economic outlook.
“As such, the group has intensified its efforts to further strengthen operational efficiency,” the company said.
The Malaysian Automotive Association has forecasted total industry volume this year to grow by 1.8% to 639,214, from 627,753 in 2012.
In a separate announcement, Sapura Industrial said its controlling shareholder, 81-year old Tan Sri Shamsuddin bin Abdul Kadir, has been appointed the chairman and director of the company. He holds 46.8% stake in the company.
Shamsuddin is the chairman and founder of the Sapura Group, which he established in 1975.
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