By Yi Wei Wong

Sime Darby Bhd (4197.KU) said its net profit for the third quarter fell 48%, as its sales in China slowed due to the Covid-19 pandemic.

Net profit for the third quarter was 115 million ringgit ($26.4 million), compared with MYR222 million a year earlier, the conglomerate said in an earnings statement Thursday.

Revenue for the third quarter fell to MYR8.43 billion from MYR8.57 billion a year earlier.

Stronger financial results from the first half partially cushioned the weaker results in the third quarter, the company said. The company said it had also disposed of non-core assets such as its 30% stake in Tesco Malaysia to mitigate challenging marketing conditions.

The company said its operations in China, particularly in the motors and industrial segments, show signs of recovery. 



  Write to Yi Wei Wong at yiwei.wong@wsj.com