Sapura Ind nets lower profit of RM12m

KUALA LUMPUR: Sapura Industrial Bhd posted a lower net profit of RM12 million in the financial year ended January 31 2013, from RM22 million last year. Group revenue for the period declined to RM265 million from RM284 million previously, it said yesterday. The lower net profit was mainly due to provisions made for arbitration claims in July 2012 against Sapura-Schulz Hydroforming Sdn Bhd awarded by an arbitrator for RM4.7 million and lower volume achieved. It said it remained cautious that market conditions will continue to be challenging for the automotive sector given the uncertain global economic outlook.