UMW posts RM78m net loss


UMW Holdings Bhd slipped into the red in the second quarter ended June 30, 2020, with a net loss of RM78.44 million against earnings of RM57.19 million last year, due to disruptions caused by pandemic-induced movement restrictions.

Revenue declined 48.5% to RM1.53 billion from RM2.97 billion previously, dragged by lower sales in all business segments — automotive, equipment and manufacturing and engineering.

“The group was severely impacted by disruptions caused by the implementation of the Movement Control Order (MCO) to combat the Covid-19 pandemic. All of the three core businesses recorded lower revenue in the first half of 2020.

“On a more positive note, sales are gradually improving since the relaxation of the MCO, spearheaded by our automotive segment,” UMW acting president and group CEO Azmin Che Yusoff said in a statement yesterday.

Both UMW Toyota Motor Sdn Bhd and Perusahaan Otomobil Kedua Sdn Bhd staged a strong upturn in July following disruptions to sales earlier this year, he added.