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NewsTan Chong 3Q profit falls 3% on higher taxes
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Tan Chong 3Q profit falls 3% on higher taxes
by Cals Wed 20 Nov 2013, 22:31
| Tan Chong 3Q profit falls 3% on higher taxes |
| Business & Markets 2013 |
| Written by Zatil Husna of theedgemalaysia.com |
| Wednesday, 20 November 2013 19:04 |
In a statement to the exchange, Tan Chong which distributes Nissan cars in Malaysia, said net profit decreased to RM31.66 million from RM32.62 million.
Revenue rose to RM1.27 billion from RM938.07 million.
"The effective tax rate of the group for the current quarter and financial year-to-date is higher than the statutory rate of 25% due to certain expenses disallowed for tax purposes and absence of full group relief," Tan Chong said.
The firm said its unit in Vietnam had registered higher taxes for the import of vehicle components.
For the nine-month period, Tan Chong's net profit rose 70.4% to RM183.11 million from RM107.44 million a year earlier. Revenue climbed to RM3.84 billion, up 32% from RM2.9 billion.
Looking forward, the group said it is moving into a stabilisation phase after volume expansion.
“Aside from housekeeping issues after an exciting year of new product launches, we are looking at sustainability through capacity utilisation, product refreshers and continuous car flow.
“We will be focusing a lot on organisation and control – putting quality production in place before mass production,” it said.
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