November 29, 2016 / 10:45 AM / a year ago

BRIEF-UMW Holdings posts qtrly net loss of 128.8 mln RGT vs profit 13.5 mln RGT

Nov 29 (Reuters) - Umw Holdings Bhd

* Qtrly net loss of 128.8 million RGT versus profit 13.5 million RGT last year

* Qtrly revenue 2.86 billion rgt versus 3.53 billion rgt

* No interim dividend has been recommended for the quarter ended 30 september 2016

* In automotive segment, consumer sentiment is expected to remain weak due to the uncertain economic outlook

* Weakening ringgit will add pressure to the profit margin of the automotive segment

* “demand for heavy equipment is expected to remain subdued in view of low activity levels in the mining and logging sectors”

* Equipment segment “is expected to be lower in the last quarter of the year”

* Reduced consumer spending will continue to impact the performance of the manufacturing & engineering segment

* Oil & gas segment’s financial performance is expected to be adversely affected by potential asset impairment in last quarter of year

* Manufacturing & engineering segment is expected to contribute positively to the group in the last quarter of the year

* Performance of the group is affected by the present downturn in the oil and gas industry, softer local demand for motor vehicle and weakening ringgit

* Uncertainties in current business environment may add pressure for asset impairment in last quarter of year; may adversely impact group's results Source text: ( Further company coverage:

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