Thursday 28 Mar 2024
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KUALA LUMPUR (May 16): APM Automotive Holdings Bhd's net profit jumped 53.6% to RM16.21 million in the first quarter ended March 31, 2018 (1QFY18) from RM10.55 million a year ago, mainly due to the better utilisation of fixed overhead which led to an improved gross profit margin for the group.

This resulted in higher earnings per share of 8.29 sen in 1QFY18 compared with 5.4 sen in 1QFY17.

Quarterly revenue also grew 8.9% to RM320.31 million from RM294.08 million a year ago, driven by its interior and plastics division, which registered a higher demand for certain original equipment manufacturer models.

In a filing with Bursa Malaysia today, APM said revenue for the interior and plastics division rose 11.1% to RM217.9 million in 1QFY18 from RM196.1 million in 1QFY17.

However, it noted that the revenue for operations outside Malaysia (Thailand, Vietnam, Australia, the US, the Netherlands and Myanmar) fell 3.5% year-on-year to RM29 million in 1QFY18, on lower sales from its Australia operations resulting from the unfavourable exchange rate.

On prospects, APM said the efforts and projects undertaken by the group following the commencement of its transformation plan launched in 2015 are coming to fruition.

It is also optimistic that a greater growth is expected for APM following the upgrade by Moody's on the global automotive industry from negative to stable and the anticipation of growth in the auto industry on all fronts in 2018 by the Ministry of International Trade and Industry.

APM shares were untraded today. It last closed at RM3.58, bringing a market capitalisation of RM700 million.

 

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