Bermaz 3Q FY2024 net profit eases to RM70.50 million on lower revenue

KUALA LUMPUR: Bermaz Auto Bhd’s (BAuto) net profit eased to RM70.50 million in the third quarter ended Jan 31, 2024 (3Q FY2024) from RM87.28 million in the same period a year earlier.

Revenue was also lower at RM896.50millioncomparedwith RM975.96 million previously. In a filing with Bursa Malaysia on Wednesday, the group said the fall in group revenue of RM79.5 million, a decrease of 8.1 per cent, was mainly due to lower sales volume and a change in sales mix from the domestic operations of its Mazda marque.

For the nine months ended Jan 31, 2024 (9M FY2024), the company registered a higher net profit of RM260.81 million versus RM203.12 million in the corresponding period a year ago.

Revenue was also higher by 20.9 per cent, or RM516.9 million, at RM2.99 billion against RM2.47 billion previously, due to higher sales volume from the domestic operations of its Mazda marque, especially the Mazda CX-30 CKD model, which continued to register high sales volume since its March 2023 launch.

In a separate statement, the group said the board has declared a third interim singletier dividend of 4.25 sen per share for FY2024 with the entitlement date on April 18, 2024, and payable on May 3, 2024.

The total dividend declared for the financial period ended Jan 31, 2024 is 14.25 sen per share. The company said it expects this year’s total industry volume to decline by 59,731 units, or 7.5 per cent, to 740,000 units due to uncertain global economic outlook as a result of conflicts and geopolitical tensions in the Middle Eastern and Eastern Europe, and local consumer spending due to concerns over the introduction of several new taxes.

It said the automotive sector is expected to continue to register growth, albeit at a slower pace due to inflationary pressures, geopolitical conflicts, and weaker global growth, which will hurt the overall local economy. The launching of new and/or new facelift models is dependent on market sentiments and economic conditions.

“Barring any unforeseen circumstances, the board anticipates the performance of the group to remain positive for FY2024,” it added.