Bermaz Auto Bhd reported a 29.94% fall in net profit to RM70.22 million for the first quarter ended July 31, 2024, from RM100.22 million a year earlier, dragged by lower sales amid competition from other marque distributors.

KUALA LUMPUR (Sept 11): Bermaz Auto Bhd (KL:BAUTO), which mainly assembles Mazda-branded vehicles, has reported a 29.94% fall in first quarter net profit to RM70.22 million, from RM100.22 million a year earlier, dragged by lower sales amid competition.

Earnings per share for the first quarter ended July 31, 2024 (1QFY2025) declined to 6.01 sen from 8.59 sen previously, the group's bourse filing showed.

Quarterly revenue dropped 22.32% year-on-year to RM846.18 million from RM1.09 billion due to lower sales volume from domestic operations.

Bermaz Auto said the sales volume was “impacted by the launching of several new and facelift models by other marque distributors”.

The group declared a first interim dividend of 3.5 sen per share, payable on Nov 6, compared to a dividend of five sen per share a year earlier0.

Looking ahead, Bermaz Auto anticipates the group’s performance in FY2025 to be challenging.

“Inflationary pressures, ongoing uncertainties in geopolitical conflicts and weaker global growth will have an adverse impact on the overall Malaysian economy," the group said. “Vehicle sales in the country are impacted by the influx of Chinese-made vehicles.”

Bermaz Auto's share price closed three sen or 1.2% lower at RM2.37, bringing the group a market capitalisation of RM2.78 billion.