BERMAZ AUTO'S Q1 FY2024 NET PROFIT RISES TO RM100.22 MLN

KUALA LUMPUR, Sept 12 (Bernama) -- Bermaz Auto Bhd’s net profit for the first quarter ended July 31, 2023 (Q1 FY2024) rose to RM100.22 million from RM50.16 million registered in the same quarter last year.

Revenue increased 51.9 per cent to RM1.09 billion from RM716.87 million previously.

In a filing with Bursa Malaysia today, Bermaz Auto said the higher revenue was mainly attributable to the Mazda marque domestic operations, particularly the CX-30 completely knocked down (CKD) model, which was introduced to the domestic market in March 2023, and the continued fulfilment of the balance backorders for Mazda 3.

It said in line with the increase in the revenue, the company’s profit also improved for Q1 FY2024, mainly from the higher sales volume for Mazda domestic operations and higher contribution from its associated company, Mazda Malaysia Sdn Bhd.

Bermaz Auto said the board has approved and declared a first interim dividend of five sen single-tier dividend per share in respect to the financial year ending April 30, 2024 as compared with three sen single-tier dividend per share in the preceding year’s corresponding quarter.

It said the entitlement date has been fixed on Oct 20, 2023 and payable on Nov 3, 2023.

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Moving forward, Bermaz Auto said the automotive sector continued 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.

It said factors such as inflationary pressures, uncertainties in geopolitical conflicts and weaker global growth would continue to have an impact on the overall economy.

“Hence, the launching of new and/or new facelift models of the company’s vehicle marques, namely Mazda, Peugeot and Kia, are still very much dependent on the market sentiments and economic conditions then.

“Barring any unforeseen circumstances, the board anticipates the performance of the company to remain positive for the financial year ending April 30, 2024,” it added.

-- BERNAMA