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Quarterly Results

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Quarterly Report For The Financial Period Ended 30 June 2017

Condensed Consolidated Statement Of Profit Or Loss For The Quarter Ended 30 June 2017

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

Condensed Consolidated Statement Of Financial Position As At 30 June 2017

Financial Position Quarter Ended 31 March 2017

Analysis Of Performance Of All Operating Segments

The Group's top-line revenue decreased by 19.6% with loss before taxation (LBT) of RM58.3 million for the first half of 2017 (-20.8% YoY) due to softer demand for new vehicles.

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

    The automotive division recorded lower revenue of RM2,153.4 million (-20.0% YoY) with segment EBITDA of RM31.3 million (-22.0% YoY). The lower revenue and EBITDA was due to weak consumer demand.

  2. Financial Services (hire purchase and insurance)

    The financial services division recorded higher revenue of RM34.3 million (+19.2% YoY) and EBITDA of RM10.3 million (+23.7% YoY). The increase was due to higher hire purchase loans disbursed compared to the previous year same quarter.

  3. Other Operations (investments and properties)

    Revenue from other operations was lower at RM4.3 million compared to RM5.5 million in the previous year and EBITDA was at RM1.5 million compared to RM6.8 million in the previous year. The lower EBITDA was due to the net foreign exchange loss arising from financing overseas entities denominated in foreign currencies.

Current Year Prospects

The market environment remains challenging due to weak consumer sentiment towards purchasing of bigticket items such as motor vehicles. The unfavourable exchange rates and intense competition in the domestic market continue to be challenging factors faced by the Group.

The Group will continue to innovate sales and marketing strategies to sustain sales momentum and focus on efficiency and operating cash generative businesses to ensure sustainable financial position. The Group's regional expansion programme remains on course as we continue to strengthen our presence in Vietnam and other Indo-China countries by expanding our sales network and maximising our existing plant utilisation. All these measures will strengthen the Group's operational performance moving forward.