2015 Mercedes A-Class.
KUALA LUMPUR: The country’s biggest Mercedes-Benz dealership, Cycle & Carriage Bintang Bhd, has posted a net profit of RM21.83mil for the second quarter ended June 30, 2015, about 10 times higher than the RM2.03mil achieved a year earlier.
This was on a doubling of revenue to RM472.36mil for the quarter under review.
For the first six months, the motor vehicle retailer’s net profit soared 663% to RM28.47mil on the back of a 76% jump in revenue to RM735.48mil.
Chairman Alex Newbigging said in a statement: “The group performed considerably better in the first half of 2015 due to strong sales of popular models, improved margins and recognition of Mercedes-Benz Malaysia dividend income.
“The outlook for the rest of the year is expected to be satisfactory, although there will be challenges due to tougher trading conditions and model life cycle issues.”
The group recently started a programme of upgrades to existing facilities, while a new Autohaus in Cheras, Kuala Lumpur, is expected to be operational by the year-end.
The board has not declared a dividend for the six months ended June 30, 2015 (June 30, 2014: nil).
Cycle & Carriage Bintang shares closed unchanged at RM3.46 on Thursday. However, the price has risen by 40% since early this month.
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