The impact of the floods is still being felt even though the water has receded.
Panasonic Manufacturing Malaysia Bhd announced that its plant based in Section 23 Shah Alam (SA2) had to be closed due to floods.
The electrical and electronics manufacturing firm said the production of fans and vacuum cleaners had to be stopped for a while to give them time to assess the condition of the machines and equipment affected by the floods.
The firm added that some of their supplies were severely affected and also affected the financial results for the 3rd quarter ended December 31, 2021 (3QFY21).
However, the firm confirmed that the plant located in Section 15 in Shah Alam was not affected and stated that the assets located in the SA2 plant were covered by insurance.
Meanwhile, Panasonic shares rose 40 sen or 1.37% to RM29.50 with a market capitalization of RM1.79 billion.
