"PBF Energy, along with the entire oil industry, has been significantly, unexpectedly, and negatively impacted from the wellhead to the pump by the COVID-19 pandemic, primarily through demand destruction for transportation fuels related to lockdowns that throttled back the economy," Nimbley said
KUALA LUMPUR: Tek Seng Holdings Bhd posted a net profit of RM8.1mil in the third quarter ended Sept 30, 2020, as compared to RM191,000 in the previous corresponding quarter on an increase in demand for personal protective equipment and higher contribution from the PVC segment.
The polyvinyl chloride (PVC) sheeting manufacturer posted revenue of RM49.29mil versus RM39.96mil in the previous comparative quarter.
It said the improved performance was owing to higher contribution from the PVC segment and a decrease in pre-tax loss in the solar segment.
For the final quarter of 2020, the group expects its performance to remain stable although the PVC business may be affected by fluctuation in the price of raw materials as a result of market uncertainty due to Covid-19 and fluctuation in foreign currency.
The group will also focus on producing polypropylene (PP) non-woven materials to cater for medical appliances.
The newly invested PP non-woven machine will commence full production by mid-November and more than double the current capacity.
Tek Seng expects PP non-woven demand to be fully filled up until end-2020.
"However, the Group will be taking cautious approaches to mitigate the exposure by improving its operational efficiency, product quality and product innovation as a positive step forward to sustain the Group's business growth as well as monitoring financial aspect more closely.
"The Group will also look into exploring new market share globally," it said.