Big drop in DRB-Hicom earnings

PETALING JAYA: DRB-Hicom Bhd's net profit for the second quarter ended Sept 30, 2015 declined to RM3.89 million from RM93.1 million in the same quarter last year, while revenue was almost flat at RM3.25 billion.
"The decline in the financial performance was mainly due to the current market sentiments and challenging economic and business conditions which had affected the group's various businesses especially the automotive and property sectors," it told the stock exchange yesterday.
For the six months period, DRB-Hicom posted a net loss RM15.82 million compared to a net profit of RM200.9 million before, while revenue declined by 10.7% to RM6.20 billion compared with RM6.95 billion.
"The outlook for the remaining period of the financial year is expected to be challenging due to difficult domestic market conditions which has resulted in lower consumer confidence and consumption. In view of this, the group will continue to remain focused on cost management and initiatives to further improve operational efficiency and effectiveness to enhance the
group's resilience," it said.
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