Tan Chong posts loss for the first time in 17 years

Weaker sentiment: Edaran Tan Chong Motor Sdn Bhd’s flagship showroom in Glenmarie. Among the initiatives TCMH had implemented were raising the selling prices of certain Nissan models by around 2.7 to 6.7 from April 1, 2016 to mitigate the impact of the weak ringgit.

PETALING JAYA: Tan Chong Motor Holdings Bhd (TCMH) posted its first quarterly loss in 17 years during the three months to March 2016 (Q1’16), as intense competition and the weak ringgit hit its bottom line.

In a filing with Bursa Malaysia, the automotive assembling and distribution company said the challenging business environment during the quarter had resulted in the company slipping into a net loss of RM37.21mil, compared with a net profit of RM26.35mil in the corresponding quarter last year.