KUALA LUMPUR (Nov 16): APM Automotive Holdings Bhd has recorded a 74.11% fall in net profit for ther third quarter ended Sept 30, 2018 to RM3.35 million from RM12.93 million a year ago, due to higher material costs and unfavourable exchange on export sales suffered by its suspension division.

The automotive parts manufacturer said its Indonesia operations’ loss also worsened during the quarter, caused by the weakening of the rupiah against the US dollar, which impacted raw material prices.

Quarterly revenue, however, rose 15% to RM336 million from RM291.37 million a year ago due largely to higher demand from original equipment manufacturers (OEMs), the group said in a filing with Bursa Malaysia.

It added that the interior and plastics division remained as the top revenue contributor with continued strong demand from certain OEM models.

On a year-to-date basis, the group reported a net profit of RM21.1 million in the nine-month period, down 18.81% compared with RM26 million in the previous corresponding period.

The group attributed this to higher demand from OEM customers coupled with favourable products mix that generated a higher margin in the interior and plastics division.

Revenue for the nine months recorded a 10.54% growth to RM951.79 million, from RM860.98 million previously, led by the interior and plastics division whose revenue increased by 12.1% or RM67.6 million.

APM’s share was last traded at RM3.20, giving it a market capitalisation of RM625.7 million.