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MBM Resources 3Q profit near flat at RM35m

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MBM Resources 3Q profit near flat at RM35m Empty MBM Resources 3Q profit near flat at RM35m

Post by Cals Wed 20 Nov 2013, 22:28

MBM Resources 3Q profit near flat at RM35m
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com   
Wednesday, 20 November 2013 18:30
KUALA LUMPUR (Nov 20): MBM Resources Bhd’s net profit stayed near flat at RM35.1 million in the third quarter ended Sept 30, 2013, compared with RM35.5 million posted a year ago.

Revenue, however, slid 5% year-on-year to RM556 million from RM585 million.

In a filing to Bursa Malaysia, the automotive group said lower revenue from motor trading and expansion costs mainly affected its profits.

MBM Resources said the fall in revenues were mainly attributed to lower vehicle sales of the continental makes, which were affected by the intense competition in the premium car segment.

For the nine-month period, profit stood at RM105 million from RM106 million a year earlier, while revenue stood at RM1.753 billion versus RM1.743 billion in the previous corresponding quarter.

“On prospects, overall vehicle sales is expected to remain positive for the remainder of the year with the introduction of new models and year-end promotions,” said MBM Resources.

“However, intense competition will pressure margins, which will be partially offset by the rising after sales income.”
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