Tax holiday drives up sales at UMW Holdings

KUALA LUMPUR: The three-month tax holiday period ending in September is driving up sales at UMW Holdings Bhd.

Revenue contribution from the group’s automotive business jumped 5.4% to RM2.38bil in the second quarter ended June 30, as consumers took advantage of the GST-free period to purchase new cars. New models launched during the quarter boosted demand, the company said in a filing with Bursa Malaysia today.