Cycle & Carriage net loss widens

PETALING JAYA: Cycle & Carriage Bintang Bhd’s net loss for its first quarter ended March 31 widened to RM4.36mil from RM3.19mil in the previous corresponding period, due to lower unit sales and margins, higher operating expenses and financing costs as the group continued to invest in its network operations.

In a filing with Bursa Malaysia yesterday, the company said the group’s after-sales division performed satisfactorily. Revenue in the first quarter dropped to RM293.19mil from RM388.58mil in the previous corresponding period.

“Unit sales decreased by 30% alongside a decrease in margins in a sluggish market, with the sales mix shifting from the Mercedes-Benz E-Class to lower-priced C, GLC and A-Class models,” it said.