UMW Holdings Q1 profits down 90%

PETALING JAYA: UMW Holdings Bhd saw net profit for the first quarter ended March 31, 2016 fall almost 90%, dragged down by its automotive and oil and gas segments, in particular.
The group made a net profit of RM16.6 million for the quarter, compared with RM165.2 million for the same quarter the year before.
This was on 31% lower revenue of RM2.2 billion for the quarter, compared with RM3.2 billion revenue for the quarter ended March 31, 2015.
The automotive segment recorded a revenue of RM1.5 billion in the first quarter of 2016, RM449.6 million or 22.4% lower compared to the previous year's corresponding quarter, negatively impacted by the weak ringgit and poor consumer sentiment.
The segment closed the quarter with a lower profit before taxation of RM82.7 million.
The oil & aas segment recorded revenue and loss before taxation in the current quarter of RM87.7 million and RM68.4 million respectively, due to reduced time charter rates, as well as soft demand for drilling services, from continued low oil prices and reduced operating and capital expenditure from oil majors.