Bermaz Auto net profit jumps 37.2% to RM90mil in 2Q

PETALING JAYA: Bermaz Auto Bhd (BAuto) expects the automotive sector to continue registering growth, albeit at a slower pace, underpinned by improvements in the supply chains and vehicle shipments.

In a filing with Bursa Malaysia, the company said inflationary pressures, uncertainties in geopolitical conflicts and weaker global growth will however continue to have an adverse impact on the overall economy.

“The launching of new and/ or new facelifts models of the group’s vehicle marques are still very much dependent on the market sentiments and economic conditions then.”

For the second quarter ended Oct 31, 2023, BAuto’s net profit rose to RM90.1mil from RM65.67mil in the previous corresponding period, while revenue in the second quarter grew to RM1bil from RM782.97mil a year earlier.

Basic earnings per share stood at 7.73 sen versus 5.65 sen previously.BAuto said the improved performance during the quarter was mainly attributable to the Mazda marque’s domestic operations, especially from its CX-30 CKD model, which continued to register higher sales since it was launched in March 2023.

“The increase was, however, partly set off by lower sales registered from its Peugeot marque operations during the quarter under review.

“In line with the increase in the group revenue, as well as improved contribution from the Mazda marque operations in the Philippines, the group’s pre-tax profit had also improved by RM31.2mil or 34.1% compared to the preceding year corresponding quarter.”

For the six months ended Oct 31, 2023, BAuto’s net profit improved to RM190.32mil from RM115.83mil in the previous corresponding period, while revenue rose to RM2.1bil from RM1.5bil previously.

The board has approved and declared a second interim dividend of 5.00 sen single-tier dividend per share in respect of the financial year ending April 30, 2024 to be payable on Jan 5, 2024. The entitlement date has been fixed on Dec 20, 2023.

Barring any unforeseen circumstances, BAuto said it anticipates its performance to remain positive for the financial year ending April 30, 2024.