MARKET DEVELOPMENT
Sime Darby Q3 Pre-Tax Profit Rises To RM1.0 Billion
Sime Darby Q3 Pre-Tax Profit Rises To RM1.0 Billion
30/05/2014 (Bernama) - Sime Darby Bhd registered a pre-tax profit of RM1.0 billion in its third quarter ended March 31, 2014 compared to RM934.74 million in the same period a year earlier.
The group, however, posted a lower revenue of RM10.295 billion for the quarter compared to RM10.844 billion in the same period last year, while earnings per share was higher at 14.09 sen against 11.5 sen previously.
The conglomerate attributed the higher profit in the quarter to improved results from the plantation division and a lower effective tax rate.
For the nine months ended March 31, 2014, Sime Darby posted a pre-tax profit of RM2.719 billion compared to RM3.227 billion in the same period last year while revenue was at RM31.933 billion from RM33.840 billion a year earlier.
It also achieved a net profit of RM2.25 billion for the nine-month period from RM2.49 billion in the same period previously.
Despite operating in a challenging environment, Sime Darby President and Group Chief Executive Tan Sri Mohd Bakke Salleh said the group is on track to achieve its net profit key performance indicator of RM2.8 billion for the financial year ending June 30, 2014.
"The resilient performance of the plantation division is testament to the initiatives that have been put in place to enhance operational efficiencies of the division," he said in a statement Thursday.
Mohd Bakke added the group would intensify its efforts to enhance efficiency and institute prudent cost management and saving measures in order to remain competitive and continue to deliver long-term returns to its shareholders.
As of May 28, 2014, Sime Darby has a market capitalisation of RM57.9 billion on Bursa Malaysia.
He added that the group also continues to show progress in the key long-term strategic initiatives.
"The Motors Division and SISMA Auto have formed a joint venture to represent Jaguar and Land Rover in Malaysia.
"The joint venture, Jaguar Land Rover (Malaysia), has been appointed as the exclusive importer for the Jaguar and Land Rover marques," said Mohd Bakke.
He added that another significant development was the plantation division's initiative to build and nurture a sustainable portfolio of palm-related industrial biotechnology companies with its first investment in Verdezyne Inc.
Verdezyne is a US-based industrial biotechnology company.
The group, however, posted a lower revenue of RM10.295 billion for the quarter compared to RM10.844 billion in the same period last year, while earnings per share was higher at 14.09 sen against 11.5 sen previously.
The conglomerate attributed the higher profit in the quarter to improved results from the plantation division and a lower effective tax rate.
For the nine months ended March 31, 2014, Sime Darby posted a pre-tax profit of RM2.719 billion compared to RM3.227 billion in the same period last year while revenue was at RM31.933 billion from RM33.840 billion a year earlier.
It also achieved a net profit of RM2.25 billion for the nine-month period from RM2.49 billion in the same period previously.
Despite operating in a challenging environment, Sime Darby President and Group Chief Executive Tan Sri Mohd Bakke Salleh said the group is on track to achieve its net profit key performance indicator of RM2.8 billion for the financial year ending June 30, 2014.
"The resilient performance of the plantation division is testament to the initiatives that have been put in place to enhance operational efficiencies of the division," he said in a statement Thursday.
Mohd Bakke added the group would intensify its efforts to enhance efficiency and institute prudent cost management and saving measures in order to remain competitive and continue to deliver long-term returns to its shareholders.
As of May 28, 2014, Sime Darby has a market capitalisation of RM57.9 billion on Bursa Malaysia.
He added that the group also continues to show progress in the key long-term strategic initiatives.
"The Motors Division and SISMA Auto have formed a joint venture to represent Jaguar and Land Rover in Malaysia.
"The joint venture, Jaguar Land Rover (Malaysia), has been appointed as the exclusive importer for the Jaguar and Land Rover marques," said Mohd Bakke.
He added that another significant development was the plantation division's initiative to build and nurture a sustainable portfolio of palm-related industrial biotechnology companies with its first investment in Verdezyne Inc.
Verdezyne is a US-based industrial biotechnology company.