Written by Chong Jin Hun
Thursday, 26 November 2009 19:01
KUALA LUMPUR: Process-equipment maker KNM GROUP BHD []'s third quarter (3Q) net profit fell more than two-thirds from a year earlier as revenue shrank amid a slower global economic landscape.
In a statement to Bursa Malaysia today, KNM said its 3Q net profit was down 69.1% to RM31.92 million from RM103.42 million, while revenue declined 38.6% to RM458.35 million from RM746.2 million.
"The lower performance in this period is reflective of the global economic slowdown and the full effect of intangible-asset amortisation arising from the acquisition of Borsig," KNM said in the statement.
Its cumulative nine-month net profit fell 20.5% to RM201.79 million from RM253.83 million, while revenue was down 15.5% to RM1.42 billion from RM1.68 billion.
"The board is confident that the group’s results for 2009 will continue to be profitable," KNM said.