In Q2 2023, the combined reported profits of the FBM KLCI 30 index constituents amounted to RM14.1 billion, down 11.1% from the preceding quarter and a 10.8% year-on-year.
Notably, consumer companies MR DIY Group Bhd, Genting Bhd, and Sime Darby Bhd also delivered impressive results for the quarter. However, the research house said the decline in performance was moderated or lessened by improvements in the same year compared to the previous year. For its FY2023 outlook, the research house revised downward its earnings projections for the FBM KLCI constituents it tracks, now forecasting aggregate earnings of RM60.3 billion for FY2023 and RM65.3 billion for FY2024.In a recent note, Kenanga Research reported that while earnings performance for FBM KLCI component stocks showed a sequential improvement in the second quarter, it did not meet the market’s anticipated level of improvement.
Additionally, Unisem Bhd and Power Root Bhd experienced reduced earnings due to export slowdown, while Astro Malaysia Holdings Bhd and Kimlun Corporation Bhd missed their earnings forecasts due to rising costs.
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