KUALA LUMPUR (June 12): Bermaz Auto Bhd’s net profit for the fourth quarter ended April 30, 2018 (4QFY18) came in 2.6 times higher at RM57.19 million compared with RM22.21 million in the previous year, thanks to higher domestic sales of its well-received CX-5 and CX-9 models that were launched in the last quarter of 2017.
This brought earnings per share for the quarter to 4.93 sen, from 1.93 sen per share in 4QFY17; revenue grew 61% year-on-year to RM570.59 million from RM354.03 million.
The group has recommended a fourth interim dividend of 2.30 sen per share and a special dividend of 2.70 sen per share, totalling a payout of 5 sen per share, which will be payable on July 26.
In a statement today, the group said its pre-tax profit grew 126% y-o-y to RM73.7 million, largely due to higher revenue recorded by its domestic operations, improvement in gross profit margin as a result of the strengthening of the Malaysian ringgit against the Japanese yen, and a higher share of profit contribution from its associate company Mazda Malaysia Sdn Bhd (MMSB).
“The higher share of profit contribution from MMSB was mainly due to an increase in production volume for the new CX-5 model to cater for both the domestic and export markets,” the group said.
However, this was partly offset by a lower profit contribution from the Philippine operations, as its gross profit margin was impacted by the weakening of the Philippine peso against the Japanese yen.
For its full year (FY18), net profit rose 19% y-o-y to RM140.07 million from RM117.65 million, while revenue rose 20% y-o-y to RM1.99 billion, from RM1.66 billion.
On prospects, the group said profitability of its associate Mazda Malaysia is expected to increase with the increase in volume of cars to be exported to the ASEAN region, coupled with high demand in the domestic market.
Bermaz Auto’s shares closed six sen or 2.64% higher at RM2.33, after 8.37 million shares were traded, giving it a market capitalisation of RM2.64 billion. In the past one year, the stock has climbed near 21%.