KUALA LUMPUR, Aug 23 — MBM Resources Bhd’s net profit for the second quarter ended June 30, 2023 (2Q FY2023) slid to RM51.93 million from RM74.06 million in the same period last year while revenue declined to RM539.57 million versus RM557.02 million previously.
In a filing with Bursa Malaysia, the automotive group said the lower revenue was mainly due to its motor trading division as vehicle sales fell post-sales tax exemption period last year.
The motor trading division’s revenue ended the quarter RM15.4 million, or 3.2 per cent lower, at RM470.0 million versus the corresponding quarter a year ago, resulting in profit before tax contracting by RM6.9 million, or 40.1 per cent, to close at RM10.3 million.
This was due to demand softening for Volvo and Volkswagen after the sales tax exemption period, with quarter-on-quarter total sales volume (TIV) retracting 40.0 per cent and 34.0 per cent, respectively.
Nonetheless, the group performed well above the market for both brands, the filing said.
Meanwhile, Perodua vehicles recorded a 13 per cent rise in sales versus the corresponding quarter a year ago but sales were constrained by limited stock. Perodua’s TIV for the current quarter was 66,126 units, 0.6 per cent higher than 65,719 units a year ago, it said.
The group said its commercial vehicle volume also declined as fleet customers remained cautious about procurement.
“We will continue to be vigilant in cost management and to drive operational efficiency to remain competitive and to improve revenue streams via sales and service offerings to different market segments,” it said.
The group declared a first interim single-tier dividend of 6.0 sen and a special single-tier dividend of 20.0 sen per ordinary share for FY2023. — Bernama
