Sime Darby revises net profit target downwards

KUALA LUMPUR: Sime Darby Bhd has revised its net earnings target for financial year ending June 30, 2015 (FY15) downwards on lower crude palm oil (CPO) price as well as weak performance of the industrial and motor divisions, its president and group CEO Tan Sri Mohd Bakke Salleh said.
Net earnings is now expected to range between RM2 billion and RM2.1 billion for the financial year, from RM2.5 billion previously.
For the nine months ended March 31, 2015, the group's average CPO price was at RM2,171 per tonne compared with its forecast of RM2,350 per tonne while productivity was affected by severe weather.
The group has also retrenched nearly 2,000 employees in Australasia and China.