KUALA LUMPUR: Bermaz Auto Bhd
is anticipating a positive financial year following a strong showing in the first quarter of FY24.
The auto distributor posted a net profit of RM100.22mil, which was double the net profit of RM50.16mil recorded in the same quarter in 2022.
Consequently, the group's earnings per share jumped to 8.59 sen from 4.32 sen previously.
Revenue during the quarter meanwhile rose to RM1.09bil from RM716.87mil in 1QFY23, mainly owing to the Mazda domestic operations.
In a statement, Bermaz Auto said the improved revenue was particularly attributed to the sales of the CX-30 CKD model, which introduced to the domestic market in March 2023, and the continued fulfilment of the balance back orders for the Mazda 3.
The board of directors declared an interim dividend of five sen per share, with entitlement date on Oct 20, 2023, and payable on Nov 3, 2023.
According to Bermaz Auto, the automotive sector continues to register growth albeit at a slower pace following the expiry of the sales tax exemption incentives in the last quarter of the previous financial year and underpinned by improvements in the supply chains and vehicle shipments.
"Factors such as inflationary pressures, uncertainties in geopolitical conflicts and weaker global growth will continue to have an impact on the overall economy.
"Hence, the launching of new and/or new facelifts models of the group’s vehicle marques namely, Mazda, Peugeot and Kia, are still very much dependent on the market sentiments and economic conditions then," it said.
