KUALA LUMPUR, 28 May 2020 – IOI Corp Bhd‘s offer value fell as much as 15 sen or 3.33% to RM4.35 in morning exchange today after the estate bunch revealed yesterday a huge drop in net profit for the the third quarter ended March 31, 2020 (3QFY20).
Recently, IOI Corp said its net profit tumbled to RM100,000 for 3QFY20 from RM245.8 million a year earlier.
Combined nine-month (9MFY20) net profit was down to RM362.6 million from RM585.1 million every year earlier, the conpany said.
Today, CGS-CIMB Securities Sdn Bhd analyts Ivy Ng Lee Fang and Nagulan Ravi wrote in a note that IOI Corp’s 9MFY20 center net profit of RM569 million, which rejected a foreign exchange (forex) interpretation loss of RM236 million, fell 7% year-on-year (y-o-y) because of more fragile income from its asset based sections and partners and joint ventures.
However, both analyst said that they thanked to a higher plantation contribution as the 3QFY20 core net profit developed 25% y-o-y.
Besides that Hong Leong Investment Bank Bhd (HLIB) analyst, Chye Wen Fei wrote in a note today that IOI Corp’s most recent outcomes were underneath desires. Chye said its 3QFY20 core net profit of RM142.7 million took 9MFY20 core net profit to RM560.4 million.
On Bursa Malaysia today, IOI Corp’s offer cost had fallen six sen or 1.33% to RM4.44 as at 10.24am, with a market capitalisation of RM27.84 billion. The stock saw approximately 400,000 shares traded.
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