PETALING JAYA: Bermaz Auto Bhd (BAuto) recorded an increase of 12% year-on-year (y-o-y) in net profit to RM10.3mil in the first quarter of its financial year ending April 30, 2022 (FY22) despite a 28.5% y-o-y decline in revenue.
The group announced a first interim dividend of 0.50 sen per share.
In a statement, BAuto said revenue for the quarter was impacted by the lower sales volume registered from domestic operations due to lockdown, as all showrooms were not allowed to operate for two months since the beginning of June 2021.
“Despite the drop in revenue, the group’s pre-tax profit improved slightly by RM1.4mil or 10.4% largely due to lower share of loss from one of its associated companies, Mazda Malaysia Sdn Bhd (MMSB), and a higher profit contribution from domestic operations,” it said.
“The lower share of loss from MMSB during the quarter was due to lesser impact in June and July 2021 as compared to the corresponding quarter of the previous year where the unit sales were low during the whole quarter.”
BAuto said cost-saving measures contributed to its higher profit contribution from domestic operations despite it registering lower sales.
“Although the economy is gradually reopening and there is more relaxation on containment measures, the outlook for the automotive industry remains volatile and uncertain in view of the resurgence of Covid-19 cases,” it said.
BAuto pointed out that the Philippines had seen an imposition of further lockdowns to curb the spike in daily Covid-19 cases and the spread of the highly contagious Delta variant.
This will have an impact on the outlook of the Philippine economy for the rest of the year, it said. “Premised on these, the directors anticipate the performance of the group for the remaining quarters of FY22 to remain challenging and uncertain,” BAuto said.