Logo of Phnom Penh Post newspaper Phnom Penh Post - Muhibbah’s Q1 profit 85% lower on weak airport business

Muhibbah’s Q1 profit 85% lower on weak airport business

Muhibbah’s Q1 profit 85% lower on weak airport business

Malaysia's Muhibbah Engineering Bhd reported a steep decline in quarterly net profit as the Covid-19 pandemic affected its airport business in Cambodia.

Net profit plunged 85 per cent to five million ringgit ($1.17 million) from 33 million a year ago.

Revenue improved to 333.5 million ringgit compared with 272.4 million ringgit previously, the company said in a filing with Bursa Malaysia on Monday.

It said: “In view of the above adverse factors and barring any other unforeseen circumstances, the group is foreseeing a challenging business environment for 2020.

“The group will be taking appropriate measures and actions to cater for its business undertaking moving forward.”

Muhibbah, via its joint venture firm Societe Concessionaire de l’Aeroport (SCA), has exposure to three airports in Cambodia.

Like other airport operators around the world, the company has been adversely affected by the drop in arrivals.

Meanwhile, the group said its construction and crane manufacturing division remained healthy.

As of June 17, the group’s total outstanding secured order book in hand for the construction and cranes division is 1.3 billion ringgit.

THE STAR (MALAYSIA)/ASIA NEWS NETWORK

MOST VIEWED

  • Hungarian exposes 90 to Covid in Siem Reap

    The Ministry of Health has discovered 90 people who have been exposed directly or indirectly to a Hungarian man infected with Covid-19. They all are required to quarantine at home and the hospital. The ministry is searching for other affected people. Among the 90, one is the

  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring

  • ‘Bad news is an investor’s best friend’ – unlocking investment potential in Cambodia

    It is time to shop. Economic woes provide good pickings for investors if they know where to look The poem If, written by English Nobel laureate poet and novelist Rudyard Kipling for his son circa 1895, is widely perceived as fatherly advice for John who would

  • PM requests Russia’s Covid vaccine

    Prime Minister Hun Sen has requested that Russia provide Cambodia with its Covid-19 vaccine after the former announced it planned on mass vaccinating its population next month. The request came on Thursday through the prime minister’s Facebook page as he met with Anatoly Borovik,

  • First ‘mobile kitchen’ in Cambodia enters service

    A catering company recently rolled out Cambodia’s first “mobile kitchen” – a $50,000 container capable of serving up to 200 people at a time. The kitchen is the brainchild of Seng Hok Heng Catering Services. At 4.4m-high, 6.8m-long and 2.4m-wide (expandable to 6.8m), the kitchen is equipped

  • Kingdom, China rebut basis for US sanctions

    The Council for the Development of Cambodia, the Ministry of Foreign Affairs and International Cooperation, and Tianjin Union Investment Development Group Co Ltd (Tianjin) have responded to US sanctions on Union Development Group Co Ltd (UDG), a Chinese-owned company currently developing the sprawling $3.8 billion Dara