At 9.05am, UMW lost 18 sen to RM5.40 with 194,600 shares traded. Revenue fell 27% to RM3.1 billion from RM4.2 billion because of an overall soft demand in the automotive industry, low oil prices and depreciating ringgit. For the full financial year, UMW suffered a second net loss in a row, totalling RM1.69 billion versus RM37.17 million in FY15, as revenue for FY16 shrank by 67% to RM10.97 billion from RM14.44 billion. “Q-o-Q: losses narrowed slightly caused by higher drilling revenue upon commencement of contract of Naga 6 & 8. “Y-o-Y: the group posted RM127.7 million loss in 4Q16 compared to RM71.4 million loss due to (i) low utilisation of rigs (ii) lower daily rig charter rate and (iii) higher finance cost upon refinancing of its borrowings.

Source: The Edge Markets February 28, 2017 01:30 UTC