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Aeon Credit 3Q profit down 18 6% q-o-q on higher impairment losses

KUALA LUMPUR (Dec 21): Aeon Credit Service (M) Bhd’s net profit fell 18.6% quarter-on-quarter to RM42.15 million in the third quarter ended Nov 30, 2020 (3QFY21), from RM51.81 million in the immediate preceding quarter of 2QFY21, mainly due to higher impairment losses. Earnings per share, accordingly, slid to 16.51 sen, from 18.31 sen. This was despite revenue rising 10.3% to RM401.47 million from RM363.97 million, its stock exchange filing to Bursa Malaysia today showed. No dividend was declared for the current quarter. On a year-on-year (y-o-y) basis, net profit dropped 39.7% from RM69.93 million, though revenue slipped just a marginal 0.2% from RM402.46 million. Likewise, the lower y-o-y earnings were no thanks to the increase in operating expenses, which was mainly due to higher impairment losses on financing receivables of RM156.909 million, compared with RM114.470 in 3QFY20.

KLCI bucks regional trends, closes 0 68% higher after Budget 2021 passes final Dewan Rakyat vote

Rakuten Trade Research vice president Vincent Lau told theedgemarkets.com today the biggest driver of the KLCI’s rise is the passing of Budget 2021 at third reading in parliament this afternoon. The news reported that the third reading of Budget 2021 was passed in Dewan Rakyat today after the opposition lost another en bloc vote by a razor-thin margin. A total of 111 Members of Parliament voted in favour of Budget 2021, which was proposed by the Perikatan Nasional government, versus 108 who voted against the budget, while one was absent. Across Bursa Malaysia today, sentiment was mixed with 657 gainers versus 524 decliners, while 525 counters were unchanged. A total of 9.96 billion securities were traded for RM5.09 billion, lower than the 11.88 billion units worth RM7.09 billion recorded yesterday.

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