Distributor of Mazda, Bermaz Auto for the quarter ended 31 January 2023, reported higher revenue and pre-tax profit of RM976 million and RM115.5 million as compared to the preceding year’s corresponding quarter reporting revenue and pre-tax profit of RM623.1 million and RM55.1 million.
The higher group revenue of RM352.8 million or 56.6% was achieved mainly due to the continued fulfillment of the substantial backorders received for domestic operations prior to the expiry of the sales tax exemption incentives in June 2022. The group’s pre-tax profit had also improved by RM60.4 million or 109.6% compared to the preceding year’s corresponding quarter.
Gross margin for its Mazda domestic operations had improved due to the change in the composition of the sales mix and the appreciation of the MYR against JPY. Likewise, the contribution from its associated company, Mazda Malaysia Sdn Bhd, had improved in line with the higher sales volume in both the domestic and export markets.
For the 9-month period, Bermaz reported higher revenue and pre-tax profit of RM2.48 billion and RM281.7 million as compared to the preceding year’s corresponding period which reported revenue and pre-tax profit of RM1.43 billion and RM103.1 million. Higher group revenue of RM1.05 billion or 73.4% was achieved mainly due to the continued fulfillment of the substantial backorders received prior to 30 June 2022 for the Group’s domestic operations. The preceding year’s corresponding period results were adversely impacted during the first quarter of the financial year 2022 when Phase 1 of the National Recovery Plan was imposed in June and July 2021. Sales gradually improved when the country moved from Phase 1 to Phase 4 of the NRP in October 2021.
Similarly, the Group’s pre-tax profit had also improved by RM178.5 million or 173.1% compared to the preceding year’s corresponding period largely due to an increase in the overall sales volume from the Group’s domestic operations, better gross margin for its Mazda domestic operations, the appreciation of the MYR against JPY and higher share of results from MMSB.
Against the preceding quarter, the group reported a higher revenue and pre-tax of RM976.0 million and RM115.5 million compared to revenue and pre-tax profit of RM783.0 million and RM91.6 million.
Bermaz said for the quarter the group continued to register positive results mainly due to higher sales volume from the clearing of the substantial backorders received prior to the expiry of the sales tax exemption in June 2022 and its promotional campaign of absorbing 50% of the sales tax for vehicle bookings made in July till December 2022. In addition,
the appreciation of the MYR against JPY and higher share of results from MMSB had contributed positively to the Group’s
overall results.
As for the outlook, it said the automotive sector continues to face ongoing challenges such as shortages in the supply of microchips and components, delays in the supply of vehicles, tighter financial conditions, uncertainties in geopolitical conflicts, and weaker global growth. However, barring any unforeseen circumstances, the Board anticipates the performance of the group to remain positive for the final quarter of the financial year ending 30 April 2023
