By BERNAMA / Graphic By ANIS SHAMSUL
BERMAZ Auto Bhd’s net profit for the third quarter (3Q) ended Jan 31, 2020, declined to RM27.15 million compared to RM81.01 million in the same quarter last year.
Revenue slipped to RM467.46 million from RM778.13 million due to lower sales volume from both domestic and Philippine operations, it said in a filing to Bursa Malaysia yesterday.
Its basic earnings per share fell to 2.34 sen from 6.99 sen.
The official distributor of Mazda cars and spare parts said the lower domestic sales volume for the period was mainly attributed to softer sales towards the end of calendar year 2019 with minimal discounts being offered to the market as compared to the competitors.
Going forward, it said the automotive sector is expected to remain challenging in 2020 in view of the stiff competition among the automotive players amid the global headwinds such as the trade war between the US and China, the Covid-19 outbreak and fears of a global recession.
“The recent domestic political turmoil has also resulted in weaker consumer sentiment, particularly with regard to the purchase of big-ticket discretionary items such as motor vehicles,” it said. — Bernama