The Malaysian Reserve

MBM Resources profit jumps 68.9% on 1Q

by TMR

MBM Resources Bhd’s net profit rose 68.9% year-on-year (YoY) to RM32.8 million in its fiscal first quarter (1Q) on higher sales of automotives and automotive parts.

In a filing exchange yesterday, MBM’s noted revenue increased by 10.9% YoY or RM45.4 million to RM463.5 million as trading division revenue posted an increased by 8% YoY  to RM399.7 million on higher sales volume of the Perodua brand, especially the new  Myvi.

The auto parts revenue increase by 29.8% YoY to RM62.2 million.

MBMR anticipate the zero rating of the Goods and Services Tax will help boost sales despite the subdued demand for vehicle and intense competition in the industry.