Berjaya Auto 2Q profit doubles to RM57.5m, declares 3.25 sen dividend

by **Cals** Tue 09 Dec 2014, 03:57

Berjaya Auto 2Q profit doubles to RM57.5m, declares 3.25 sen dividend

KUALA LUMPUR (Dec 8): Berjaya Auto Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) posted a net profit of RM57.5 million for the second quarter ended Oct 31, 2014 (2QFY14), more than double the RM27.6 million it recorded in the previous corresponding period, on favourable sales mix and a weaker Japanese yen.
Revenue increased 80.2% to 508.8 million, from RM282.4 million, the company’s filing to Bursa Malaysia showed today, which was mainly due to higher sales of Mazda in Malaysia and the Philippines.
The group also declared a second interim dividend of 3.25 sen per share for the period, which will be payable on Jan 20 next year (2015).
"The sales volume growth in Malaysia was mainly driven by CX-5 (CKD and CBU) models, as well as other SKYACTIV models like Mazda3 and Biante," it said.
"The improvement in gross profit margin was mainly attributable to a favourable sales mix, and a weaker Japanese yen against the Malaysian ringgit," it added.
For the six-month cumulative period (6MFY14), Berjaya Auto posted a net profit of RM113.6 million — more than double the RM53.7 million in 6MFY13, while revenue was at RM1.02 billion — up 43.48% from RM710.9 million.
Looking ahead, Berjaya Auto said the remaining half of the financial year is expected to be challenging, as other major car players are stepping up their promotional activities to clear stocks, due to oversupply.
"The uncertainties of the effects of the Goods and Services Tax (effective 1 April 2015) on local car prices, remain a concern to the group," it said.
Notwithstanding these challenges, and with the impending launch of the new Mazda2 SKYACTIV and locally-assembled Mazda3 SKYACTIV models in Malaysia, the group expects to maintain its growth momentum, and perform satisfactorily for the remaining half of the financial year, it added.
Berjaya Auto closed four sen higher at RM3.31 today, with a market capitalisation of RM2.61 billion.