UMW remains cautious in view of challenges

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KUALA LUMPUR: UMW Holdings Bhd, which posted a net profit of RM107.2mil in the quarter to June 30, remains cautious in view of the challenges arising from rising interest rates and high inflation.

President and group CEO Datuk Ahmad Fuaad Kenali said the prolonged military conflict in Ukraine and rising geopolitical tensions have added to the increased uncertainty in the general business environment and confidence, which in turn continues to strengthen the US dollar against other currencies including ringgit.

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