KUALA LUMPUR: Bermaz Auto Bhd (BAuto) posted a lower net profit of RM70.22 million for the first quarter ended July 31, 2024 (1Q FY2025) compared to RM100.22 million in 1Q FY2024.
Revenue decreased by 22.3 per cent to RM846.18 million from RM1.09 billion previously, mainly due to lower sales volume from its domestic operations.
"The decline in domestic sales was influenced by the launch of several new and facelift models by other marque distributors.
"BAuto's profit before tax had also fell by 30.5 per cent to RM42.9 million compared to the corresponding quarter last year," it said in a filing with Bursa Malaysia today.
The group also noted an increase in expenses related to its employees' share scheme amounting to RM2.0 million in 1Q FY2025, compared to RM100,000 in 1Q FY2024.
Looking ahead, the board expects the group's performance for FY2025 ending April 30, 2025 to be challenging.
"Inflationary pressures, ongoing uncertainties in geopolitical conflicts, and weaker global growth will have an adverse impact on the overall Malaysian economy.
"Vehicle sales in the country are also being affected by the influx of Chinese-made vehicles. The launch of new and facelift models of the group's existing and upcoming vehicle marques will depend on market sentiments and economic conditions," it added.
The group declared a first interim dividend of 3.50 sen single-tier dividend per share for FY2025, with a payment date set for Nov 6, 2024, and an entitlement date of Oct 18, 2024.