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亚马逊云账号(www.2km.me)_Flood damper on Q4 profits seen

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亚马逊云账号

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Meanwhile, Federation of Malaysian Manufacturers president Tan Sri Soh Thian Lai was quoted in a Reuters report earlier this week as saying that damage to property, other assets and products, as well as production disruption, will impact industries in the Shah Alam and Klang districts.

PETALING JAYA: Corporate earnings in the final quarter of 2021 could be dampened slightly, following one of the worst floods to hit the country in recent history.

The disaster, which occurred on Dec 17 and 18, has been dubbed the “once-in-a-hundred years rainfall” and is set to impact the businesses of local port operators and manufacturers, as well as the country’s plantation and tourism industries.

CGS-CIMB Research in a report yesterday said it expects the severe flooding to lead to a slight dent in corporate earnings in the fourth quarter of 2021.

“This will be due to lower production at the manufacturing facilities and estates as a result of damage caused by the floods or workers unable to get to work (because of the flood).

“Other issues faced could include logistical challenges and shortage of materials, as port operations were affected by yard congestions made worse by the flood situation.”

Following a media briefing with port operator Westports Holdings Bhd, CGS-CIMB said it was cutting its net profit forecasts for 2021 by 4% to reflect lower container volume.

The research house said the net profit cut is due to the impact of yard congestion and the recent floods, which is likely to hurt throughput in the last two weeks of December 2021.

“While workers should make their way back and help Westports restore most of its capacity by the end of this week, manufacturers and traders may encounter near-term production issues due to flooding, logistical challenges and shortages of raw materials.

“As such, Westports’ container volume throughput may be negatively affected to a significant degree in the last two weeks of the year.”

Additionally, CGS-CIMB said some companies could incur one-off costs to repair damages caused by the flood or to assist employees affected by the floods.

“We reiterate our KLCI target of 1,495 points for 2021 and 1,612 points for 2022.”

Additionally, CGS-CIMB said its checks with the plantation companies under its coverage revealed that some estates were affected by the flooding, which disrupted harvesting activities for the past few days.

“Oil palm estates in Pahang and Selangor, which appeared to be worst-affected states by the flood, contributed around 18.5% of total crude palm oil production for Malaysia in the 11 months of 2021.

“The tourism industry could also be affected as some sections of several major highways were impassable due to flooding and landslides.”

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