Sime Darby's third quarter earnings showed a decent net profit due to its asset monetisation efforts, the conglomerate still face major challenges ahead in all four of its key operating divisions, said Maybank IB Research.
In a note today, the research house said that despite Sime's headline net profit of RM663.44mil for its third quarter ended March 31 (3QFY16), its underlying operations remains weak.
“The results were boosted by gains on compulsory land acquisitions of RM139mil and the monetisation of its Singapore assets for RM406mil. While the property division outperformed, Sime's plantations, automotive and industrial segments underperformed,” it said.
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In a note today, the research house said that despite Sime's headline net profit of RM663.44mil for its third quarter ended March 31 (3QFY16), its underlying operations remains weak.
“The results were boosted by gains on compulsory land acquisitions of RM139mil and the monetisation of its Singapore assets for RM406mil. While the property division outperformed, Sime's plantations, automotive and industrial segments underperformed,” it said.
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