Profit statements

BAuto T2 net profit up

PETALING JAYA: Despite declining revenues, Bermaz Auto Bhd(BAuto) net profit for the second quarter ended October 31 increased slightly to RM 26.04 million from RM 24.79 million in the same quarter a year ago.

The turnover for the quarter was RM 483.84 million, compared to RM 599.84 million in the corresponding quarter of the previous year.

BAuto said in a statement that its revenue declined by RM 116.0 million or 19.3% largely due to a reduction in sales volume from domestic operations due to the lockdowns.

During this period, the company said that its showrooms are only allowed to operate subject to strict adherence to certain standard operating procedures such as full vaccination of employees and customers, and a downtime. shortened interaction between workers and customers.

“In line with the reduction in revenue, the group’s pre-tax profit slightly decreased by RM 0.4 million or 1% largely due to the initial operating losses of its new Peugeot operations,” said BAuto.

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BAuto’s board of directors has declared a second interim dividend of 1.5 sen dividend per share for the fiscal year ending April 30, 2022 (FY22) which will be payable on February 4, 2022.

“The launch of new facelift models of the group’s existing brands, namely Mazda, Peugeot and Kia, will always depend on market sentiment and economic conditions,” he said.

Based on the above, BAuto said he expects his performance for the remaining quarters of FY22 to remain difficult.

BAuto noted that sales tax exemptions for completely built and completely disassembled vehicles that were due to end this month have been extended until June 30, 2022.

He also said that full exemption from import and excise duties as well as sales tax for electric vehicles (EVs) to support the development of the local EV industry will help promote the development of green and low carbon technologies and highly skilled technologies. green jobs in Malaysia.

“These developments bode well for the automotive market. The unpredictable epidemic of any new variant of Covid-19 of concern on a global and / or national scale continues to be a major concern for all and will have an impact on the overall recovery of the economy, ”he said declared.

Commenting on business in the Philippines, BAuto said restrictions on movement there have eased since the number of cases of Covid-19 infection declined.

“Our financial results for the current quarter have been encouraging due, among other things, to sales tax exemptions on vehicles and the gradual resumption of economic activities in the country,” he said.