IOI Corp Q2 pre-tax profit reduced to RM128mil
Published on: Tuesday, February 21, 2017
Kuala Lumpur: IOI Corp Bhd's pre-tax profit was reduced significantly to RM128.80 million in the second quarter ended Dec 31, 2016 from RM844.20 million registered in the same quarter last year.In a filing to Bursa Malaysia, IOI Corp said the lower pre-tax profit was mainly due to net foreign currency translation loss on foreign currency denominated borrowings and from resource-based manufacturing segment which was partially cushioned by higher contribution from the plantation segment.Revenue, however, rose to RM3.67 billion from RM2.97 billion recorded previously.ADVERTISEMENT Moving forward, the group expected its overall operating performance for this year to remain satisfactory. Meanwhile, improved gross profit margins helped Padini Holdings Bhd's pre-tax profit soar to RM72.74 million in the second quarter ended Dec 31, 2016, from RM44.53 million recorded in the corresponding quarter in 2015.Revenue surged 25 per cent to RM426.65 billion from RM340.38 million registered previously, the company said in a filing to Bursa Malaysia.Padini said the higher revenue was due to the positive growth of same store sales coupled with the eight 'Brands Outlet' stores and five 'Padini Concept Stores' that were opened after the end of the comparative quarter of last financial year.ADVERTISEMENT "The group managed to improve its efficiencies, having achieved a higher growth in revenue compared with the growth in operating expenses in spite of the many challenges faced," Padini said.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
The group concluded the first half of the financial year with a good set of results, despite the prevailing challenges of an unstable ringgit, rising costs of goods and operations coupled with the current economic situation.
ADVERTISEMENT
As the group perseveres on with its stance in continuing to provide value for money, Padini said the second half of the financial year would continue to be very challenging but the group was confident of turning in another profitable financial year. – Bernama