KUALA LUMPUR (Feb 25): Tan Chong Motor Holdings Bhd has reported a net profit of RM51.56 million or 7.9 sen per share for the fourth quarter ended Dec 31, 2018 (4QFY18), compared with a net loss of RM7.19 million or 1.1 sen per share a year ago, thanks to higher revenue.

Quarterly revenue rose 8.45% to RM1.17 billion, from RM1.08 billion in 4QFY17, the group said in a filing with Bursa Malaysia.

The group declared a final dividend of two sen per share, amounting to RM13.1 million, payable on a date to be announced later.

For the full year of FY18, Tan Chong registered a net profit of RM101.03 million or 15.48 sen per share — making this its first full profitable year after two loss-making years — against a net loss of RM88.6 million or 13.57 sen a share last year.

Revenue for FY18 stood at RM4.86 billion, 11.91% higher than its RM4.34 billion reported the year before (FY17).

Moving forward, Tan Chong is expecting the domestic automotive industry to be subdued in FY19, as new vehicles' sales remain soft due to cautious consumer sentiment on big ticket items, as well as continued strict financing approval guidelines.

“Given the outlook for the domestic automotive industry, the group continues to maintain its cautious position under this climate.

“We anticipate the business landscape to remain challenging under these circumstances,” Tan Chong said, adding that the group will continue to remain focused on ensuring sustainable financial position, going forward.

Shares of Tan Chong closed up four sen or 2.78% at RM1.48 today, giving it a market capitalisation of RM965.94 million.