For the quarter ended 30 September 2023, Tan Chong recorded revenue of RM649.8 million, 11.0% lower compared to the same period preceding year, which it attributed largely due to persistent soft market sentiments driven by inflationary pressures and stiffer competition faced in the local and overseas markets.
This in return resulted in lower revenue and adverse movement of foreign exchange rates, the Group recorded Loss Before Tax (“LBT”) of RM52.3 million in the current quarter under review, compared to Profit Before Tax of RM15.7 million in the same period preceding year.
For the 9 months period ended 30 September 2023, the Group recorded revenue of RM1.89 billion, 18.4% lower compared to the same period preceding year. As a result, the Group recorded LBT of RM57.8 million in current year-to-date period compared to PBT of RM23.8 million in the same period preceding year. The reduction in profitability was mainly due to lower sales, lower margin resulting from weaker Ringgit and lower net foreign exchange gain which arose from transactions and outstanding balances denominated in foreign currencies.
The automotive division recorded lower revenue of RM591.9 million in the current quarter under review, 16.6% lower compared to same period last year (“YoY”), which was impacted by the persistent soft market sentiments and stiffer competition faced in the local and overseas markets.
