UMW Holdings Bhd, which went into the red due to a loss of RM700mil from foreign exchange as well as RM337.7mil in impairment charges for its oil and gas (O&G) asset last year, is still battling the volatility of the ringgit.
President and group chief executive officer Badrul Feisal Abdul Rahim said although the company had hedged a certain percentage of its US dollar purchases until June, it would not help much to improve its earnings as car sales were weakening.
This is because the group is affected by the higher cost incurred in purchasing its completely-knock-ed-down units in US dollars. Another reason is the anticipated slower sales of Toyota vehicles this year to about 80,000 units compared to 95,861 units last year, including the high-end Lexus model.
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President and group chief executive officer Badrul Feisal Abdul Rahim said although the company had hedged a certain percentage of its US dollar purchases until June, it would not help much to improve its earnings as car sales were weakening.
This is because the group is affected by the higher cost incurred in purchasing its completely-knock-ed-down units in US dollars. Another reason is the anticipated slower sales of Toyota vehicles this year to about 80,000 units compared to 95,861 units last year, including the high-end Lexus model.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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