KUALA LUMPUR: APB Resources Bhd says it will be a challenging year ahead for it.

Chief operating officer Alex Tan said the challenges were due to the strenghtening ringgit as it was a net beneficiary of the weakening currency last year.

“Over 90% of our products are priced in the US Dollar and are exported. Also it is because of the oil & gas, petrochemicals, oleochemicals and energy happens to be down at the same time. Because of the soft prices, many companies are cutting back on capital expenditure,” he said after the company’s AGM.

“When that happens, the demand for our equipment will be slow. In the past you always have one sector up or two sectors up to balance it up but this time it is all down,” Tan added.

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