Mazda SkyActiv diesel models..
KUALA LUMPUR: Berjaya Auto Bhd’s (BAuto) 60.4%-owned subsidiary Bermaz Auto
Philippines Inc (BAP) plans to seek a listing on the Main Board of the Philippine Stock Exchange.
In a filing with Bursa Malaysia, BAuto said BAP was involved in the distribution of Mazda vehicles and spare parts through appointed dealers in the Philippines.
“An announcement will be made once BAP has finalised the details of its listing proposal and the board of directors of BAuto has deliberated and approved the proposed BAP listing,” said the company, which distributes Mazda vehicles in Malaysia and the Philippines.
In a separate announcement, BAuto said its earnings in the first quarter ended July 31, 2016, fell 21% to RM41.11mil from a year earlier due to lower sales volume in Malaysia and compressed gross profit margin as the Japanese yen strengthened against the ringgit.
The sales volume was affected by poor consumer sentiment, uncertainties in the local and global economy, and supply constraint on certain completely knocked down models, as the contract assembler’s plant in Kulim was shut down for about five weeks for upgrading works of its paint shop.
Revenue, meanwhile, dropped 4% year-on-year to RM493.62mil.
The board has recommended a first interim dividend of 3.0 sen per share in respect of the financial year ending April 30, 2017 (previously 2.25 sen).
On its prospects for the financial year, BAuto said domestic demand for passenger cars for the remaining quarters was expected to be soft due to subdued consumer sentiment and uncertainties in the local and global economy.
“The weakening of the Malaysian ringgit against the Japanese yen remains an area of concern to the Malaysian operation as it will affect the profit margin of CBU (completely built-up) vehicles,” the company said.
“Notwithstanding these challenges, the group will take diligent steps to ensure the domestic operations continue to perform satisfactorily and maintain its profit and business sustainability. The group will focus on selling more CKD vehicles in the domestic market as the purchase price is denominated in ringgit, thus mitigating some of the group’s foreign exchange exposure.”
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