: UMW Holdings Bhd’s net profit by fell more than half to RM204.6 million in the financial year ended Dec 31, 2020 from RM454.4 million in FY19.
It said the automotive segment’s revenue for the year decreased by 19.5 percent year-on-year to RM7.48 billion, mainly due to the lower number of vehicles sold during the Movement Control Order period. Additionally, UMW said the manufacturing and engineering segment’s revenue dropped to RM918.3 million from RM1.06 billion previously, due to the lower contribution from all sub-segments which were impacted by the pandemic.
It said the increase in revenue was mainly due to higher sales in the automotive segment, following the implementation of the Recovery Movement Control Order during the quarter.
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