KUALA LUMPUR: Kumpulan Fima, a Malaysian manufacturing, chemical storage-to-plantation company, said Monday its fiscal first quarter net profit more than halved mainly due to withholding tax on dividend income, inventories write down, lower share of profit from associate company and unrealised foreign exchange loss.
Net profit for the three months ended Jun. 30 was 4.92 million ringgit ($1.15 million) from 11.93 million ringgit a year ago, the company said in an exchange filing. Quarterly revenue dropped nearly 3% on year to 121.15 million ringgit from 124.82 million ringgit a year earlier. Kumpulan Fima expects operating environment to be challenging for the remaining period of this year. It said manufacturing division will continue to put concerted efforts to establish new strategic alliances to develop new products and solutions to complement its existing products.
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