Written by Yong Min Wei
Thursday, 26 November 2009 18:37
KUALA LUMPUR: DRB-HICOM BHD []’s net profit for the second quarter ended Sept 30 (2QFY10), dipped marginally to RM61.73 million from RM62.01 million a year ago.
According to a Bursa Malaysia filing on Nov 26, revenue for the group declined 4.5% to RM1.53 billion from RM1.60 billion while basic earnings per share stood at 3.19 sen versus 6.16 sen previously.
DRB-Hicom said it had a lower pre-tax profit of RM76.66 million in 2QFY10 compared with RM86.99 million in 1QFY10 mainly due to higher claims provisions made by an insurance company of the group.
For the six months ended Sept 30, the group said pre-tax profit fell to RM163.65 million from RM745.60 million as it had included recognition of a one-off gain on the disposal of EON CAPITAL BHD [] of about RM567.57 million and negative goodwill of RM24.28 million from the acquisition of additional equity in certain subsidiary companies in the same half last year.
DRB said it expects the financial performance for the year ending Mar 31, 2010 to be satisfactory with the continuing recovery of the economy and improving market conditions.
DRB-Hicom’s share price closed unchanged at RM1.04 today with 187,600 shares traded.