PETALING JAYA: Bermaz Auto Bhd (BAuto) reported a 5% higher net profit of RM26.04 million in the second quarter ended Oct 31, 2021 compared with RM24.79 million a year ago due to higher share of results of associates.
Revenue decreased 19.3% to RM483.84 million from RM599.84 million in the same quarter last year largely due to a reduction in sales volume from the domestic operations attributed to the lockdown during the National Recovery Plan (NRP) where showrooms were only allowed to operate subject to strict compliances with certain SOPs such as full vaccination of staff and customers, and shortened interaction time between staff and customers.
For the six months period, BAuto’s net profit was up 6.7% to RM36.31 million versus RM34.04 million previously largely due to higher profit contribution from the domestic operations.
Revenue reduced 23.3% to RM804.63 million from RM1.05 billion in the same period last year largely due to lower sales volume, particularly during the first financial quarter. This was attributed to the domestic operations as a result of the lockdown under Phase 1 of the NRP where non-essential business activities such as showrooms were only allowed to operate under certain strict conditions.
The board has approved and declared a second interim dividend of 1.50 sen single-tier dividend per share in respect of the financial year ending April 30, 2022 to be payable on Feb 4, 2022. This will bring the total dividend declared for the financial period ended Oct 31, 2021 to 2.00 sen single-tier dividend per share.
“The group is cautious and expects the automotive sector to remain challenging in the financial year 2022. The launching of new and/or new facelifts models of the group’s existing marques namely Mazda, Peugeot and Kia will still be dependent on market sentiments and economic conditions,“ BAuto said.
Premised on the foregoing, the directors anticipate that the performance of the group for the remaining quarters of the financial year ending April 30, 2022 will remain challenging.