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Quarterly Results

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Quarterly Report For The Financial Period Ended 31 March 2018

Condensed Consolidated Statement Of Profit Or Loss For The Quarter Ended 31 March 2018

Statement Of Profit Or Loss For The Quarter Ended 30 September 2017

Condensed Consolidated Statement Of Financial Position As At 31 March 2018

Financial Position Quarter Ended 31 March 2017

Analysis Of Performance Of All Operating Segments

The Group's revenue was 3.9% higher at RM1,034.6 million and the Group recorded profit of RM2.1 million for the first quarter compared with loss of RM37.5 million in corresponding period in previous year. The financial position of the Group continued to show improvement as the net debt has been reduced to RM1,170.9 million (-11.0% YoY). Further analysis on the segments are explained as follows:

  1. Vehicles Assembly, Manufacturing, Distribution & After Sales Services (automotive)

    The automotive division recorded higher revenue of RM1,007.1 million (+3.1% YoY) with segment EBITDA of RM48.2 million (+353.1% YoY). This was due to higher number of vehicles sold during the period with sales promotion campaigns.

  2. Financial Services (hire purchase and insurance)

    The financial services division recorded higher revenue of RM24.8 million (+47.3% YoY) and EBITDA of RM7.9 million (+21.5% YoY). The increase in revenue was due to higher loan book size sustained as of 31 March 2018 compared to previous year.

  3. Other Operations (investments and properties)

    Revenue from other operations was higher at RM2.7 million compared to RM2.3 million in the previous year and LBITDA was at RM2.1 million compared to RM1.1 million in the previous year. The higher revenue was due to more revenue contribution from contact centre operations. The LBITDA was due to unrealised foreign exchange loss of RM9.8 million arising from financing overseas entities denominated in foreign currencies.

Current Year Prospects

The automotive sector is expected to remain challenging in a highly competitive market. Nonetheless, the Group will strive to improve its competitiveness in the domestic market with launch of new models such as the all-new Nissan Serena S-Hybrid, the No. 1 MPV in Japan and locally assembled all-new UD Trucks Croner, backed by a strong nation-wide network of sales and after-sales services branches.

For overseas operations, the Group will continue to follow through on its business strategy of expansion of sales network into Cambodia, Laos, Myanmar and Vietnam as we capitalise on the improving demand for Nissan vehicles, backed by two automotive assembly plants in Vietnam and Myanmar.

We will continue to maintain our focus on ensuring the Group improve its financial position to take on the business challenges.