KUALA LUMPUR: UMW Holdings Bhd posted a pre-tax loss of RM2.15 billion for the financial year ending Dec 31, 2016 from a pre-tax profit of RM269.7 million registered in 2015.
Revenue declined to RM10.97 billion from RM14.41 billion.
In a filing to Bursa Malaysia, it said the group's overall performance was adversely impacted by the losses sustained by its oil and gas division due to the industry downturn.
"However, the company's automotive, equipment and manufacturing and engineering businesses remained profitable throughout 2016," it added.
President and Group Chief Executive Officer Badrul Feisal Abdul Rahim said the group was encouraged and emboldened by the resilience shown by its other core business segments in sustaining profitability under exceptionally challenging operating circumstances and tough economic conditions.
"UMW Holdings’ future prospects have been enhanced with the group’s strategic decision to exit the oil & gas sector, and we expect the company's financial position and performance to improve, moving forward," he added. – BERNAMA