Carlsberg Brewery Malaysia Bhd’s net profit for the second quarter ended June 30, 2020 declined by 83.7% to RM10.65 million from RM65.26 million a year ago as a result of lower sales in both Singapore and Malaysia, the RM6.4 million settlement with the Royal Malaysian Customs in Malaysia and a reduced share of profits by RM4.2 million from its associate company, Lion Brewery PLC due to lockdown restrictions imposed by the Sri Lankan government.
The group posted a lower revenue by 40.2% to RM287.27 million RM480.52 million mainly due to the significantly lower sales and the absence of consumer-facing promotions and activities to drive consumption during the partial lockdowns in both Malaysia and Singapore.21.34 sen for the corresponding quarter last year.
Among other initiatives, the group is focusing on cash flow and the optimisation of its trade working capital to ensure sufficient liquidity in the months ahead. Under such difficult circumstances, the board decided to suspend the quarterly dividend payments for the financial year ending Dec 31, 2020 as a more prudent focus on preserving cash and liquidity, and with the intent to strike a balance between the long-term health of the group and returns to shareholders.
As a consequence, consumer sentiment will remain depressed, particularly in the on-trade sector due to reduced capacities and shorter operating hours, social distancing, health and safety restrictions, as well as various financial and operating challenges that many F&B businesses face in order to stay afloat.
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Fonte: theSundaily - 🏆 25. / 51 Leggi di più »