APM Automotive Holdings Bhd's pre-tax profit for the financial year ended Dec 31, 2010 rose by 83.4 per cent to RM184.5 million from RM100.6 million in the same period of 2009.

Its revenue exceeded the billion ringgit mark for the first time to RM1.18 billion, representing a 28.3 per cent increase over the RM918.5 million achieved previously.

In a filing to Bursa Malaysia, APM said the exceptional performance was mainly driven by the strong growth in production of new vehicles in the domestic market.

'Production of new vehicles in Malaysia increased by 16 per cent to 567,715 units from 489,269 units in 2009, allowing the company to enjoy further economies of scale.

'The strong growth in Indonesia also added positively to the overall performance of the company,' it said.

For the fourth quarter ended Dec 31, 2010, its pre-tax profit increased by 52 per cent to RM45.7 million from RM30.2 million in the same quarter of 2009.

'This was contributed mainly by the exceptionally good performance of interior and plastics segment,' it said.
Revenue increased by 7.1 per cent to RM287.9 million from RM268.9 million previously.

APM said it was positive on the outlook of the motor vehicle industry in Malaysia and Indonesia.

'With the launch of some major replacement models, it is hopeful that these new models will generate more buying interest during the year,' it said.

However, higher raw material and fuel prices could adversely affect the company''s operating costs and margins, it said. -- Bernama