KUALA LUMPUR (Nov 29): Oriental Holdings Bhd's net profit jumped 190.59% to RM297.42 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM102.35 million a year earlier, thanks to a gain from a bargain purchase on step acquisition of RM102.4 million as well as a gain on disposal of its associate of RM116.4 million.

Earnings per share stood at 47.94 sen compared with 16.5 sen in 3QFY2022, the diversified group's filing with Bursa Malaysia on Wednesday showed.

Quarterly revenue rose 13.1% to RM1.09 billion from RM960.25 million.

For the first nine months of FY2023, Oriental Holdings' net profit rose slightly to RM516.85 million from RM506.99 million in the previous year's corresponding period, as revenue grew 7.6% to RM3.06 billion from RM2.84 billion.

On its prospects, Oriental Holdings said its automotive segment, which distributes Honda motorcycles, will continue to contribute to the group’s performance under competitive market conditions with strong and aggressive promotional campaigns by industry players.

"The automotive industry is subject to rapid changes driven by technological advancements, regulatory shifts, market demands, interest rates and global events. Management will continue staying well-informed as the automotive industry navigates the uncertainties of the coming year," it said.

Oriental Holdings is also involved in the plastic, plantation, hotel and resorts, as well as healthcare industries. 

"The board will continue to demonstrate resilience by placing emphasis on improving our efficiency and look forward to seek business opportunities to add synergy to existing business," the group added.

Oriental Holdings shares closed one sen or 0.16% lower to RM6.29 for a market capitalisation of RM3.90 billion.