PETALING JAYA: Bermaz Auto Bhd (BAuto) registered a 152.2% increase in net profit to RM65.67 million for the second quarter ended Oct 31, 2022 (Q2’23) from RM26.04 million in the same period last year as profit from operations expanded.
The group reported a 61.8% higher revenue to RM783 million from RM483.84 million in the same quarter last year mainly due to the continued fulfilment of the substantial back orders received prior to the expiry of the sales tax exemption incentive on June 30, 2022 for all the three marques in the group.
For the cumulative period, the group registered over three-folds increase in net profit to RM115.83 million from RM36.31 million year-on-year as profit from operations expanded.
Revenue for the period increased to RM1.5 billion from RM804.63 million last year’s corresponding quarter mainly due to similar reasons as explained in the current quarter results above namely, the continued fulfilment of the substantial back orders received prior to June 30, 2022.
The group has declared a second interim dividend of 3.5 sen single-tier dividend per share in respect of financial year ending April 30, 2023.
Premised on the foregoing and barring any unforeseen circumstances, the group anticipates its performance for the rest of the financial year to remain positive.
“The automotive sector continues to face stiff competition from non-traditional vendors in the electronics, electrical and IT-related industries for the supply of microchips and components, compounded by the microchips and components shortages situation and resulted in delays in the delivery of vehicles. The gradual resumption of production by semi-conductor manufacturers locally and overseas will help to ease the microchips and components shortages situation,“ it said in a statement.