BAuto 1QFY15 earnings more than doubled on higher sales volume

by **Cals** Tue 09 Sep 2014, 02:21

Business & Markets 2014

Written by Adrian Wong of theedgemalaysia.com

Monday, 08 September 2014 18:26

KUALA LUMPUR (Sept 8): Berjaya Auto Bhd’s (BAuto) net profit more than doubled to RM56.1 million for its first financial quarter ended July 31, 2014 (1QFY15) from RM26.09 million a year ago, largely due to higher sales volume from Mazda vehicles in Malaysia and the Philippines.

Revenue rose 18.6% year-on-year to RM507.95 million from RM428.42 million in 1QFY14. Earnings per share for 1QFY15 rose to 6.95 sen per share from 3.62 sen per share a year ago.

"The sales volume in Malaysia was driven by good demand for certain fully imported CBU SKYACTIV models namely Mazda3, CX-5 (2.5L) and Biante, as well as the BT-50 pick-up truck which received good demand from Sabah and Sarawak markets," said BAuto in a filing with Bursa Malaysia today.

"In the Philippines, the sales volume growth was primarily due to the group making good progress in expanding its market share whereby the sales of Mazda2 and Mazda3 received good demand," it added.

The group also declared a first interim dividend of 2 sen per share, payable on Oct 8.

Going forward, BAuto said in spite of the intense competition in the Malaysian automotive market and uncertainties of the effects of the Goods and Services Tax come April 1, 2015 on local car prices, the group is optimistic that will continue to achieve satisfactory results for the remaining quarters of the financial year.

BAuto shares closed up 7 sen or 2.47% at RM2.90 today, bringing a market capitalisation of RM2.34 billion.