MBM Resources not affected by auto policy, says director

MBM Resources not affected by auto policy, says director
Business & Markets 2013
Written by Zatil Husna of theedgemalaysia.com
Thursday, 20 June 2013 17:06

KUALA LUMPUR (June 20): MBM RESOURCES BHD [] (MBMR) said it is not worried about the implementation of the new National Automotive Policy (NAP) as it would not affect the car manufacturing sector.

Automotive director, Cheng Seng Fook said at a press conference after the group's annual general meeting: "The NAP won't be affecting the manufacturing side whatsoever. I understand that NAP would put emphasis on Energy Efficient Vehicles (EEV)."

Although car sales were slow, MBMR's managing director, Looi Kok Loon said it was due to people's "wait and see" attitude.

"Our sales were pretty poor as people adopted such attitude but I believe sales have picked up as clarification from the minister has helped in getting the sales back on track," Looi said.

MBMR's 12 month revenue for 2012 climbed to a high of RM2.3 billion, 33% increase from RM1.7 billion the year before.

Meanwhile net profit stood at RM136.4 million, which was a 12.5% rise from RM121.2 million in the previous year.