KUALA LUMPUR (Sept 12): Bermaz Auto Bhd registered a 388.5% jump in net profit to RM50.16 million in the first quarter ended July 31, 2022 (1QFY23), from RM10.27 million a year earlier, mainly due to a surge in vehicle sales prior to the expiry of the sales tax exemption incentive.

The higher earnings were also attributed to the reopening of the country’s economy under the transition to endemic phase and the launch of the new Kia Carnival.

Earnings per share grew to 4.32 sen from 0.88 sen previously, according to the group's Bursa Malaysia filing.

Quarterly revenue jumped 123.5% to RM716.87 million from RM320.79 million in 1QFY22, mainly due to an increase in overall sales volume from the group’s Mazda, Peugeot and Kia operations in Malaysia.

In addition, positive contribution from its associated company, Mazda Malaysia Sdn Bhd, and the strengthening of the ringgit against the yen had also contributed to the improved results.

Compared to the immediate preceding quarter, Bermaz’s net profit dropped 36.27% from RM78.7 million in 4QFY22, as revenue declined 20.11% from RM897.36 million, mainly due to the ongoing shortages in semiconductor chips and components, continued lockdowns in China and disruption in global supply chain, which had impacted the group’s Mazda sales volume.

The group declared a first interim dividend of three sen per share, payable on Nov 4.

Bermaz said the automotive sector continues to face disruption challenges from the ongoing shortage of microchips and components as well as shipment delays. However, the group anticipates its performance for the rest of the financial year ending April 30, 2023 to remain encouraging.

Bermaz's share price finished up four sen or 2.23% at RM1.83 on Monday (Sept 9), translating into a market capitalisation of RM2.13 billion. The counter has risen 12.96% year-to-date.