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KUALA LUMPUR: Oriental Holdings Bhd closed its financial year ended December 31, 2010 (FYE 2010) with revenue and net profit of RM3.22 billion and RM184.39 million respectively.
Comparatively, it posted revenue and net profit of RM3.43 billion and RM380.20 million respectively in the previous financial year, it said on Thursday, Feb 24 in a Bursa announcement.
In its fourth quarter (4Q 2010), the company recorded net profit of RM160.40 million on the back of revenue of RM840 million, compared to revenue of RM849 million and net profit of RM76 million recorded a year ago.
Revenue for the plantation sector was considerably higher due to the improved crop output in the quarter under review, while contribution from automotive subsidiaries improved slightly. However, contribution from the hotel and resort sector was lower as compared to the preceding quarter due to the off peak season.
Overall during FYE 2010, the performance of the automotive subsidiaries for both Malaysia and Singapore was in tandem with the overall performance of the motor industry as motor vehicle sales continued to be affected by the current operating environment.
Meanwhile, the performance of the overseas plantation sector was affected by the lower crop output and unfavourable foreign exchange despite the higher average CPO prices.
The company expects its performance for the current financial year to be satisfactory.
It has declared a second single tier interim dividend of 3% totaling RM18.61 million for FYE 2010.
