KUALA LUMPUR: Malaysian car distributor Bermaz Auto Bhd
fell to a record low after its first-quarter net income slumped 88%, weighed by strong competition from Chinese automakers.
The company’s shares dropped nearly 9% to 61.5 sen on Friday, according to data compiled by Bloomberg. The distributor of Mazda Motor Corp., Kia Corp. and Xpeng Inc. vehicles said net income for the first quarter ended July fell 88% to RM8.28mil from a year ago, on lower sales volumes in its domestic operations. Revenue slumped 42% in the quarter.
