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MBM Resources Bhd profit plunges 45.17pc to RM27.23m
Published on: Friday, May 22, 2020
By: NST
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MBM Resources expects the operating environment for the remaining year to be highly uncertain and challenging. NSTP/WEB
Kuala Lumpur: MBM Resources Bhd’s net profit dropped 45.17 per cent to RM27.23 million in the first-quarter (Q1) ended March 31, 2020 from RM49.66 million posted a year ago.

MBM Resources, in an exchange filing on Thursday, said this was due to lower contributions from motor trading and parts manufacturing divisions as well as lower share of profits from the joint venture entity and associates.

Its Q1 revenue dipped 28 per cent to RM374.04 million from RM519.10 million, mainly due to reduced sales volume during the Movement Control Order period and incurred fixed costs.

MBM Resources expects the operating environment for the remaining year to be highly uncertain and challenging.

“The management therefore has taken countermeasures by tightening operating costs and capital expenditures, implementing new marketing platforms to capture changing consumer behaviours as a result of the spread of Covid-19 virus.

“We will also accelerate our transformation programme to improve performance measurements as well as expansion of product and service offerings,” it added. 


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