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Atlan Holdings Q2 Earnings Fall 44%
Malaysia Daily Bulletin | 14 October 2015
By:
  • Atlan Holdings recorded a 44.1 percent decline in 2Q16 net profit to RM4.7 million, despite a 9.7 percent rise in revenue to RM192.2 million, mainly attributable to enlarged losses in the firm’s investment holding segment.
  • For the eight-month period ended 31 August, earnings fell a lesser 8.5 percent to RM17.6 million against a 7.6 percent higher turnover of RM378.7 million, with poorer performance in the investment holding, and property and hospitality segments weighing on bottom line.
  • In the investment holding segment, losses in the current quarter and cumulative period rose mainly due to donation of RM1.5 million and professional fees incurred of RM1.6 million, in relation to a corporate exercise in 2Q16.

Significance: Moving forward, Atlan expects a challenging FY16, given the current economic outlook and the volatility of Malaysian ringgit against the US dollar, but noted that it will continue its efforts in enhancing operational efficiency and effectiveness by stringent cost control measures, and strengthen its customer base in order to remain competitive and profitable.


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