Forex losses dent Atlan Q3 earnings

PETALING JAYA: Property investment, hospitality and auto-components company Atlan Holdings Bhd’s earnings plunged 90.3% to RM1.61 million in the third quarter ended Nov 30, 2017 (Q3’FY18), mainly due to lower profit and foreign exchange losses of RM7.3 million.
The company made a net profit of RM16.68 million in the previous year’s corresponding quarter.
Its revenue for the quarter increased by 2.4% to RM186 million, compared with RM181.6 million in the same period last year, attributed by higher revenue from automotive and investment holding segments.
The group has declared a third interim single tier ordinary dividend of 10 sen per share in respect of the financial year ending Feb 28, 2018 amounting to RM25.36 million, which is payable on March 15, 2018.
For the nine months period, its net profit decreased 46% to RM22.7 million, from RM41.9 million a year ago, while revenue declined 1.7% to RM602.7 million, against RM613 million previously.
On its prospects, Atlan said it expects the industries in which it operates in to remain challenging, with the volatile ringgit against the US dollar and competitive business environment.