UMW’s third quarter pre-tax profit rises by 52%

Malaysia’s UMW Holdings Bhd reported an increase in pre-tax profit for the third quarter which ended September 30,2012, to RM597.56 million (US$195.4 million), from RM391.89 million (US$128.2 million), in the same period a year ago. Revenues rose to RM3.964 billion (US$1.2 billion), from RM3.691 billion (US$1.2 billion).
Pre-tax profit for the nine-month period rose to RM1.541 billion (US$504 million), from RM1.015 billion (US$332 million), while revenues increased to RM11,799.9 million (US$3.8 billion) from RM10, 079.1 million (US$3.2 billion).
A quick recovery from the impact of the earthquake and tsunami in Japan and the floods in Thailand helped all four core business segments of the company achieve higher revenues that resulted in improved performance in the third quarter.
Higher sales of Toyota vehicles contributed to the increased revenue from the automotive segment. A strong demand for its major equipment and forklifts and an increase in size of its equipment rental fleet accounted for the higher revenue in the equipment segment. Revenues from its oil and gas segment also rose due to an increase in the day rate for the NAGA 3 offshore rig, the additional revenue contribution from the Garraf power plant phase 1 project, and full quarter revenue contribution from the semi-submersible rig HAKURYU-5. The manufacturing and engineering segment benefited from the stronger demand for KYB products and improved sales from the expanded capacity of its automotive component plants in India and the lubricant plant in China, resulting in higher revenue.
UMW Holdings is confident that, barring unforeseen circumstances, its overall targets for 2012 will be achieved. (November 23, 2012)