KUALA LUMPUR, Feb 28 — Tan Chong Motor Holdings Bhd’s slipped into the red with a pre-pax loss of RM43.08 million in the financial year ended Dec 31, 2016 against a pre-tax profit of RM115.25 million posted in 2015.
Revenue decreased to RM5.51 billion against RM5.72 billion, previously, it said in a filing to Bursa Malaysia today.
For the fourth quarter, the group recorded a marginal increase in pre-tax profit to RM11.4 million from RM11 million registered previously.
However, revenue fell to RM1.27 billion from RM1.51 million in the corresponding quarter in 2015, due to weaker consumer demand and competitive trading environment.
On prospects, Tan Chong said the domestic automotive industry was expected to be subdued in 2017 due to poor consumer sentiment and continuing strict financing approval guidelines amid the current economic condition.
“Given the outlook for the domestic automotive industry, the group continues to maintain its cautious position under this climate,” it added. — Bernama
