Bermaz 2Q net profit more than doubles to RM66m

BERMAZ Auto Bhd’s (BAuto) net profit for its second quarter ended Oct 31, 2022 (2Q22) rose 152% to RM65.67 million from the same period a year ago.

In a statement yesterday, BAuto said the gross margin for its Mazda operations has improved due to the change in the composition of sales mix and appreciation of the ringgit against Japanese yen.

Likewise, it said the contribution from its associated company, Mazda Malaysia Sdn Bhd (MMSB), has improved in line with the higher sales volume in the domestic market.

During the quarter under review, the group has also registered higher contributions from its Peugeot and Kia operations.

Its revenue in 2Q22 increased 62% to RM782.97 million from RM483.84 million, mainly due to the continued fulfilment of the substantial back orders received prior to the expiry of the sales tax exemption for all three marques in the group.

BAuto declared a second interim dividend of 3.5 sen single-tier dividend per share in respect of the financial year ending April 30, 2023.  The dividend will be paid on Jan 6, 2023. This will bring the total dividend declared for the financial period ended Oct 31, 2022 to 6.5 sen single-tier dividend per share.

For the six-month period, BAuto’s net profit surged more than two-fold to RM115.83 million from RM36.31 million, while revenue increased 86% to RM1.49 billion from RM804.63 billion.

BAuto settled unchanged at RM1.99 yesterday, valuing the group at RM2.32 billion. Year-to-date, its shares have gained 22.8% from RM1.62. — TMR

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