Malaysia's Bermaz Auto 1Q Net Profit More Than Halves On Lower Margins
By Alexander Winifred
KUALA LUMPUR (Sep 11) -- Malaysia's Bermaz Auto, a vehicles and spare parts distributor for Japanese automaker Mazda, said Monday net profit more than halved in the fiscal first quarter mainly due to lower margins.
Net profit for the three months ended Jul. 31 was 20.21 million ringgit ($8.48 million) compared to 41.11 million ringgit a year earlier.
Revenue fell 20.73% to 391.23 million ringgit compared to 493.62 million ringgit in the year-ago period.
While overall industry volume rose 5% in the first seven months of the year, trading conditions remain "challenging" due to weak consumer sentiment, Bermaz Auto said in an exchange filing.
However, the company is "optimistic" that sales in the second half of the fiscal year will be boosted by the launch of Mazda's new CX-5 model in October, it added.
- By Alexander Winifred; Alexander.Winifred@nikkeinewsrise.com; +60320267363
- Edited by Lopamudra Bhattacharya
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