Friday 29 Mar 2024
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KUALA LUMPUR (Oct 29): Cycle & Carriage Bintang Bhd (CCB), the authorized dealer for Mecedes-Benz vehicles in Malaysia, recorded marginally lower net profit of RM3.3 million in third quarter ended Sep 30, 2014 (3QFY14) from RM3.4 million same time last year.

For the cumulative nine-month period, however, the luxury car distributor registered net profit of RM7.1 million versus RM4.6 million in the corresponding period in 2013. This represents a 55.2% improvement year-on-year.

Revenue for the quarter under review came in at RM222.9 million, 27% higher than RM175.2 million in 3Q13.

For the first nine months of the year, revenue was 33% higher at RM640.4 million compared to RM481.7 million the same period in 2013.

In terms of sales, the Mercedes-Benz passenger car unit sales were up by 26% in the cumulative nine-month period in 2014 due to “good demand” for the A-Class, CLA Class and the S-Class.

Meanwhile, CCB’s financial performance was impacted by margin pressure on the E-Class model and reduced sales and margins on the outgoing C-Class.

CCB’s basic earnings per share (EPS) is lower at 3.31 sen for 3QFY14 from 3.40 sen year-on-year. For the nine-month period, however, EPS improved 55% from 4.52 sen to 7.02 sen year-on-year.

Alex Newbigging, the CCB’s chairman said, “The group’s performance for the first nine months of 2014 showed some improvement due to good demand for new models including the S-Class and CLA-Class, although supply remained tight."

"The financial results also showed an improvement but were impacted by low margins on other models,” he added.

No dividends were declared for the quarter.

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