Wednesday, 02 Dec 2020 12:57 PM MYTKUALA LUMPUR, Dec 2 — Malaysia’s corporate earnings beat expectations by growing three per cent year-on-year in the third quarter of 2020 , said CGS-CIMB.
“The key reasons for the growth in y-o-y earnings were record earnings from the glove makers due to a significant rise in average selling prices for gloves and strong utilisation rates,” it said. According to CGS-CIMB, earnings recovery in Malaysian companies was stronger than expected post the Movement Control Order in Q2 2020.
It described the Q3 2020 performance as a positive surprise and could be attributed to analysts being too conservative on their earnings forecasts in some instances, due to Covid-19-related volatility in demand movements and selling prices.