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KUALA LUMPUR: Heineken Malaysia Bhd reported lower sales and profits in the third quarter due to the strict Covid-19 measures, but is hoping for a rebound in the last quarter of the year amid easing restrictions in the tourism and food & beverage (F&B) sectors.
Net profit in the three-month ended Sept 30 fell 16% to RM51mil from RM61.2mil made a year ago. The beer company said revenue decline 18% to RM390mil.
"Group revenue for the third quarter declined by 18% as compared to the same quarter in 2020 as sales were adversely affected by the continued suspension of brewery’s operations which lasted until Aug 15in line with the full lockdown imposed by the Government on June 1," it said.
Earnings dropped in line with the lower sales, but this was mitigated by effective cost management and on-going cost saving initiatives.
"As the Covid-19 situation stabilises, the Group is hopeful that further relaxation of restrictions and opening of the tourism sector will accelerate the recovery of the F&B sector," managing director Roland Bala said in a statement today.
"This will accordingly improve the performance in the fourth quarter," he added.