KUALA LUMPUR: UMW HOLDINGS BHD
sees a challenging year ahead after earnings in the first quarter was halved due to lower sales of new car and weaker results from its heavy equipment business.
Net profit for the three-month ended March 31 declined 49% to RM44.3mil compared with RM86.5mil made a year ago.
Revenue was down to RM2.12bil from RM2.78bil previously, UMW Holdings said in a filing with Bursa Malaysia today.
"Despite the subdued market environment, the Group is cautiously optimistic of improving demand from customers post-MCO," it said.
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