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REFILE-Sime Darby's Q1 profit falls on weaker prices, lower sentiment
November 29, 2013 / 5:21 AM / 4 years ago

REFILE-Sime Darby's Q1 profit falls on weaker prices, lower sentiment

(Refiles to add CEO’s first name in third paragraph)

KUALA LUMPUR, Nov 29 (Reuters) - Malaysia’s plantations-to-motoring conglomerate Sime Darby Bhd reported a 51 percent slump in first quarter net profit as weaker commodity prices and lower consumer sentiment weighed across all its business segments.

Profit for three months to September fell to 489 million ringgit ($151.37 million) compared to 990 million ringgit the same period a year ago.

“As an immediate measure, the group will continue to institute prudent cost controls, increase focus on efficient working capital management and undertake a disciplined approach towards capital allocation and cash flow management,” Sime Darby CEO Mohammad Bakke Salleh said in a statement.

($1 = 3.2305 Malaysian ringgit)

Reporting by Niluksi Koswanage; Editing by Matt Driskill

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