Oriental Holdings revenue at Rm956mil

KUALA LUMPUR: Oriental Holdings Bhd posted a net loss of Rm81.77mil in its first quarter ended March 31, 2020 (Q1) compared with a net profit of Rm93.17mil in the same period in 2019.

Revenue declined 31.2% to Rm956.39mil from Rm1.39bil previously due to a decline in contribution from the automotive segment by Rm409.5mil amidst lower sales by the retail operations in Malaysia.

In a filing with Bursa Malaysia, it said the automotive segment’s revenue decreased by 40.4% to Rm604.5mil from Rm1.01bil previously.

Oriental said retail operations in Singapore registered a 36.6% decline in revenue due to the lower number of cars sold, which was in line with the reduction in certificate of entitlement quota and dampened consumer sentiments caused by the disruption to business activities amidst Covid-19.

For the retail operations in Malaysia, revenue decreased by 47.6% attributed to the 51% drop in the number of new Honda cars sold due to the delay in launching various new models pending their price approval by the authorities and the implementation of the movement control order (MCO).

The plastic segment recorded a decrease in revenue of 29.5% to Rm45.2mil following a decline in orders from automotive and electronics customers and the suspension of production activities following the lockdown of activities with the MCO implementation.

Meanwhile, the hotels and resorts segment posted a 19.7% drop in revenue to Rm63.8mil due to the decline in room occupancy rates. —