Mainboard-listed UMS Holdings has posted earnings of $1.3 million for the 4QFY2020 ended December, a 86% plunge from earnings of $9.6 million from a year ago.

The lower earnings was due to a one-off $7 million impairment of goodwill in UMS’s subsidiary Kalf Engineering and investment in its associate company JEP, as well as a $2.5 million share of goodwill impairment in JEP.

Excluding these items, UMS’s earnings should have been up by 16% y-o-y to $10.8 million.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook