KUALA LUMPUR, Nov 23 — Tan Chong Motor Holdings Bhd’s net losses widened to RM44.2 million in the third quarter ended September 30, 2021 (Q3 FY2021) from RM7.33 million in the same quarter the last financial year, affected by movement control restrictions in most parts of the period.

Revenue eased by 54.5 per cent to RM439.28 million from RM964.54 million last, it said in a filing with Bursa Malaysia.

The automotive division recorded lower revenue of RM420.8 million in Q3 2021, a drop of 55.3 per cent compared to the same period last year amid restrictions imposed to curb Covid-19 in Malaysia and Indochina.

The financial services division’s revenue slipped 14 per cent to RM15.9 million, while revenue from other operations was lower by 54.8 per cent to RM2.6 million in the current quarter under review.

The group expects to deliver a better overall operational performance in 2022.

"Riding on the back of a projected economic growth of 5.5 per cent to 6.5 per cent in 2022 domestically and barring any unforeseen circumstances, the group is cautiously optimistic of a satisfactory recovery in our business operations,” it said.

In addition, the sales tax exemption in Malaysia, which has been extended to June 30, 2022, is expected to continue benefitting the automotive industry in the first half of the year.

It also looks forward to building a competitive edge in the electric vehicle segment following tax exemptions announcement by the government. — Bernama