OSK Holdings Q3 pre-tax profit falls to RM64.38 million

OSK Holdings Q3 pre-tax profit falls to RM64.38 million

OSK Holdings Q3 pre-tax profit falls to RM64.38 million

KUALA LUMPUR, November 30 — OSK Holdings Bhd’s pre-tax profit fell significantly by 85% to RM64.38 million in the third quarter ended Sept 30, 2016 from RM402.80 million in the same quarter last year.

Revenue declined to RM271.17 million from RM274.60 million previously, it said in a filing to Bursa Malaysia today.

For the remaining quarter, the group, a conglomerate with diversified interests in five areas, said the property development segment would continue to be supported by its launched projects.

“However, we do not expect any significant changes in view of the persistent challenging market conditions.

“The property investment business would continue to produce steady rental income from the commercial and retail tenants,” it said.

On construction, it said the segment had secured new construction orders during the year and its orderbook was expected to remain healthy.

The industries segment is expected to perform satisfactorily as the slowdown in industrialised building system deliveries are being cushioned by the strong performance of the cable business.

The hospitality segment, meanwhile, should perform better during the year-end holiday season while the financial services and investment holding segment is expected to do well this year due to increased demand for alternative financing by a broad spectrum of customers.

“Despite the unfavourable economic climate in Malaysia, we expect the group to achieve satisfactory results,” the company said.

OSK Holdings is involved in five areas of businesses, namely property development and investment, financial services, construction, industries and hospitality with operations in Malaysia, Vietnam and Australia.

 

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