PPB Group net profit slips to RM407.9m in third quarter

KUALA LUMPUR: PPB Group Bhd posted a slightly lower net profit of RM407.91 million for the third quarter (Q3) ended Sept 30, 2021 compared to RM411.57 million in the same quarter last year.

Revenue, however, rose to RM1.24 billion against RM1.04 billion recorded previously, due to improvements across all key segments except for film exhibition and distribution, it said in a filing to Bursa Malaysia yesterday.

The group said the film exhibition and distribution segment recorded a revenue of RM3 million in Q3 compared to RM26 million previously as cinema operations were significantly impacted by prolonged closures due to restrictions imposed nationwide to contain the Covid-19 pandemic.

Meanwhile, revenue for the grains and agribusiness segment in Q3 was higher by 25% to RM1.01 billion, but it recorded a 52% drop in profit to RM24 million.

The group said revenue for consumer product rose to RM161 million from RM146 million previously while profit stood at RM2 million versus loss of RM823,000 in 2020.

Revenue for environmental engineering and utilities was higher at RM55 million in the third quarter compared to RM48 million a year ago but it incurred a loss of RM2 million (Q3’20: profit of RM105 million).

The group’s property segment saw a higher revenue of RM17 million (Q3’20: RM15 million) but recorded a loss of RM760,000 (Q3’20: profit of RM3.4 million) as mall operations were significantly impacted by the nationwide containment measures and this negated the positive effect of the progressive profit recognition at the Megah Rise project. – Bernama