PETALING JAYA: TAN CHONG MOTOR HOLDINGS BHD’s net profit for its first quarter ended March 31 jumped more than 200% to RM15.98mil from RM4.25mil in the previous corresponding period, driven by a better sales product mix arising from the new models that were launched in the Malaysian and overseas markets.
The company, which distributes Nissan vehicles, told Bursa Malaysia that its automotive division recorded a higher revenue of RM1.05bil and an earnings before interest, taxes, depreciation and amortisation (EBITDA) of RM69.2mil.
Separately, Tan Chong said its financial services division recorded a lower revenue of RM22.4mil and EBITDA of RM5.9mil in the first quarter. “The reduction was due to a lower loan book size as of March 31, 2019 compared to the previous year,” it said.
Revenue in the first quarter was flat at RM1.08bil from RM1.03bil a year earlier.
On its operations (investments and properties) segment, the company said revenue from other operations was higher at RM3.3mil as compared to RM2.7mil in the previous year.
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