KUALA LUMPUR, Aug 29 – CIMB Group Holdings Bhd pre-tax profit for first half ended June 30, 2014 declined to RM2.71 billion from RM3.1 billion in the same period of 2013.
Revenue fell to RM6.94 billion from RM7.39 billion previously, CIMB said in a filing to Bursa Malaysia here today.Group chief executive, Datuk Seri Nazir Razak, said it was a difficult first half due mainly to the tough conditions in Indonesia and the sharply weaker rupiah which combined to decrease CIMB Niaga’s profit before tax contributions
by 19.8 per cent.
“CIMB Niaga is a large component of the group’s portfolio and the oprating environment in Indonesia is expected to remain challenging as last year’s sharp turn in Indonesia’s terms of trade, interest rates and currency impacted borrowers and liquidity in the system,” he said.
– BERNAMA
