PETALING JAYA: Despite lower revenue, Bermaz Auto Bhd’s (BAuto) net profit for the second quarter ended Oct 31, rose slightly to RM26.04mil from RM24.79mil in the same quarter a year ago.
Revenue for the quarter stood at RM483.84mil, compared with RM599.84mil in the corresponding quarter of the previous year.
BAuto said in a statement that its revenue decreased by RM116.0mil or 19.3% largely due to a reduction in sales volume from the domestic operations due to the lockdowns.
During this period the company said its showrooms were only allowed to operate subject to strict compliances with certain standard operating procedures such as the full vaccination of employees and customers, and a shortened interaction time between workers and customers.
“In line with the reduction in revenue, the group’s pre-tax profit decreased slightly by RM0.4mil or 1% largely due to the initial operating losses from its newly started Peugeot operations,” BAuto said.
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BAuto’s board has declared a second interim dividend of 1.5 sen dividend per share for the financial year ending April 30, 2022 (FY22) that will be payable on Feb 4, 2022.
“The launching of new and new facelift models of the group’s existing marques namely Mazda, Peugeot and Kia, will still be dependent on market sentiment and economic conditions,” it said.
Premised on the foregoing, BAuto said it anticipates its performance for the remaining quarters of FY22 to remain challenging.
BAuto noted that the sales tax exemptions for completely built up and completely knocked down vehicles which were scheduled to end this month had been further extended to June 30, 2022.
It also said that the full exemption of import and excise duties as well as sales tax be given for electric vehicles (EVs) to support the development of the local EV industry will help promote the development of green and low-carbon technologies and high-skilled green jobs in Malaysia.
“These developments augur well for the automotive market. The unpredictable outbreak of any new Covid-19 variants of concern globally and/or domestically continues to be a major concern for all and will have an impact on the overall recovery of the economy,” it said.
Commenting on the Philippines business, BAuto said that movement restrictions there have eased since the number of Covid-19 infection cases has receded.
“Our current quarter financial results have been encouraging due to, inter-alia, the sales tax exemptions on vehicles, and the gradual resumption of the economic activities in the country,” it said.