PETALING JAYA: APM Automotive Holdings Bhd has returned to the black as it recorded a net profit of RM8.11 million against net loss of RM25.67 million last year for the third quarter (Q3) ended Sept 30, 2022.

Its revenue increased over two folds year-on-year to RM467.84 million from RM174.69 million mainly because of longer operating period.

From June 1 until Aug 15 last year, Malaysia implemented the full movement control order where movement was largely restricted and most of the group’s business activities in Malaysia were suspended.

It recorded a net profit of RM18.28 million for the cumulative nine months from net loss of RM27.68 million in the corresponding period last year.

Revenue for the nine months increased 57% to RM1.27 billion from RM809.16 million last year, largely due to longer operating period coupled with higher demand from domestic and international original equipment manufacturing and replacement market customers as the global automotive industry rallied towards recovery.

On the domestic front, resurgence was largely boosted by pent-up demand for new vehicles and the government’s extension of the sale tax holiday for passenger vehicles until June 30, 2022.