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Wednesday, December 11, 2019

BAuto sees satisfactory performance for remainder of FY20

CORPORATE NEWS
Wednesday, 11 Dec 2019

PETALING JAYA: BERMAZ AUTO BHD
image: https://cdn.thestar.com.my/Themes/img/chart.png (BAuto) anticipates a satisfactory performance for the remainder of its current financial year ending April 30,2020, underpinned by steady demand for its Mazda models.

The company, which distributes Mazda vehicles in Malaysia and the Philippines, said it was optimistic that the recent launch of the all-new Mazda3, CX-8, CX-5 facelift and expected launch of the CX-30 would help mitigate the challenges being faced by the automotive industry currently.

BAuto yesterday reported a net profit of RM20.39mil for its second quarter ended Oct 31 compared with RM73.92mil in the previous corresponding period.

Revenue in the quarter stood at RM457.17mil compared with RM690.32mil a year earlier, largely due to a lower sales volume from the domestic operations, partially offset by higher revenue recorded by the Philippine operations.

“The lower sales volume for the period was mainly attributed to the expected reduction in demand for the phased out CX-5 model in favour of the new facelift CX-5 model that was launched on Sept 30.

“Although the new facelift CX-5 and the all-new CX-8 models were launched at the end of September 2019 and at the beginning of October 2019, respectively, the delivery of some of the vehicles was delayed by the resolution of certain pricing issues, ” it said in a filing with Bursa Malaysia.

BAuto said it recorded substantially higher unit sales for the Malaysian market in the corresponding period in the previous financial year, as it benefited from the three-month tax holiday period from June to August 2018.

“In addition, the group’s promotional campaign to absorb the sales tax for bookings received before Sept 1,2018 had boosted the demand post-goods and services tax period.

“Revenue contribution from the Philippine operations was higher despite a marginal change in the sales volume, due to a shift in the sales mix from lower-range models such as Mazda2 to the all-new Mazda3 model that was launched during the current quarter.”

Meanwhile, for the six-month period ended Oct 31, net profit came in at RM70.90mil compared with RM124.20mil in the previous corresponding period, while revenue stood at RM992.21mil compared with RM1.18bil a year earlier.

BAuto has declared a second-interim, single-tier dividend of 2.75 sen per share, to be paid out on Feb 17,2020.

Read more at https://www.thestar.com.my/business/business-news/2019/12/11/bauto-sees-satisfactory-performance-for-remainder-of-fy20#jt8rSCaDtAolI6xr.99

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