Latest news with #RM17.72mil
The Star
22-05-2025
- Business
- The Star
DRB-Hicom to sustain focus on digital transformation
The group will continue to strengthen business fundamentals to support resilience and long-term sustainability. PETALING JAYA: DRB-Hicom Bhd will remain focused on advancing digital transformation across key sectors such as banking and postal services, as part of its ongoing efforts to improve operational efficiency. In a filing with Bursa Malaysia, the company said for its aerospace and defence, services and properties divisions, the group will continue to strengthen business fundamentals to support resilience and long-term sustainability. 'The group anticipates a moderate outlook for the financial year ending Dec 31, 2025.' For the first quarter ended March 31, 2025 (1Q25), DRB-Hicom's net profit plunged to RM17.72mil from RM91.54mil in the previous corresponding quarter. DRB-Hicom said the lower result was mainly due to weaker contributions from the automotive, postal and property sectors, driven by softer sales and higher operating costs. Revenue in 1Q25 dipped to RM4.11bil from RM4.33bil a year earlier. DRB-Hicom said it reported lower revenue for its automotive, aerospace and defence, postal and properties sectors. 'The decline in revenue was primarily due to lower sales volume of Proton vehicles and lower revenue from manufacturing and engineering companies. The aerospace and defence sector recorded lower revenue, mainly driven by the decrease in product deliveries,' it said.
The Star
22-05-2025
- Business
- The Star
DRB-Hicom to focus on advancing digital transformation
PETALING JAYA: DRB-Hicom Bhd will remain focused on advancing digital transformation across key sectors such as banking and postal services, as part of its ongoing efforts to improve operational efficiency. In a filing with Bursa Malaysia, the company said that for its aerospace and defence, services and properties divisions, the group will continue to strengthen business fundamentals to support resilience and long-term sustainability. 'The group anticipates a moderate outlook for the financial year ending Dec 31, 2025.' For the first quarter ended March 31, 2025 (1Q25), DRB-Hicom's net profit plunged to RM17.72mil from RM91.54mil in the previous corresponding quarter. DRB-Hicom said the lower result was mainly due to weaker contributions from the automotive, postal, and properties sectors, driven by softer sales and higher operating costs. 'The banking sector's reduced profit was primarily attributable to impairment losses on investments and increased credit loss allowances on customer financing. Revenue in 1Q25 dipped to RM4.11bil from RM4.33bil a year earlier. DRB-Hicom said it reported lower revenue for its automotive, aerospace and defence, postal and properties sectors. 'The decline in revenue was primarily due to lower sales volume of Proton vehicles and lower revenue from manufacturing and engineering companies. 'The aerospace and defence sector recorded lower revenue, mainly driven by the decrease in product deliveries of single-aisle aircraft and certain aircraft parts in response to lower demand from airlines.' The group said the Malaysian economy is poised to remain resilient in 2025, despite prevailing global uncertainties, particularly those stemming from US-imposed tariffs on Malaysian exports. 'Bank Negara's decision to maintain the Overnight Policy Rate at 3% since May 2023 reflects a balanced approach to supporting growth while preserving price stability amid moderate inflation. 'However, the global outlook remains fluid, shaped by evolving US trade policies, rising geopolitical tensions, and persistent financial market volatility.'
