[BERMAZ AUTO BHD，从广受欢迎的新款CX-5车型中受益，无论是市场份额还是盈利能力]
For the financial year ended 30 April 2018, the Group registered a revenue and pre-tax profit of RM2.0 billion and RM197.2 million respectively as compared to the previous year which reported a revenue and pre-tax profit of RM1.7 billion and RM175.2 million respectively. The increase in Group revenue of RM333 million or about 20% was mainly due to higher sales volume and favourable sales mix recorded in both the domestic and the Philippine operations. The improved sales volume was mainly driven by the new CX-5 model, partly offset by lower sales from the ageing Mazda2 model. The Group pre-tax profit improved by RM22.0 million or 12.6% primarily from the domestic operations in tandem with higher revenue and improved gross profit margin as minimal sales incentives were given for the new CX-5 model and the Malaysian Ringgit has strengthened against Japanese Yen. The higher share of profit contribution from MMSB also contributed to the increase in Group pre-tax profit.
Deposits with financial institutions and cash and bank balances total RM308m, while short term borrowings were RM46m, in a net cash position. Annual dividends were RM0.104, with a share price of RM2.42, dividend yield is 4.3%. Diluted earnings per share was RM0.1212, translated to dividend pay-out of 86%.
For the quarter ended 30 April 2018, the Group reported a revenue of RM570.6 million and pre-tax profit of RM73.7 million, as compared to the Group revenue of RM559.4 million and Group pre-tax profit of RM57.2 million for the preceding quarter. The improvement in Group revenue of RM11.2 million or 2.0% was mainly due to higher sales volume arising from the new CX-5 model in the domestic market, partly offset by lower sales volume of Mazda3 and CX-5 models in the Philippine market. Group pre-tax profit for the current quarter increased by RM16.5 million or 28.8% primarily due to higher revenue recorded in the domestic operations and higher share of profit contribution from MMSB. The higher share of profit contribution from MMSB was mainly due to the increase in production volume for the new CX-5 model to cater for both the domestic and export markets.
The World Bank has raised its forecast for Malaysia's 2018 Gross Domestic Product ("GDP") to 5.4% from 5.2% previously. The growth is expected to remain strong in the near future albeit at a more moderate pace compared to 2017 at 5.9%. The automotive industry has recently benefitted from the new government's announcement on the change in Goods and Services Tax ("GST") from standard rated 6% to 0% effective 1 June 2018 where it is expected to boost the consumers buying sentiment and hence sales volume will be accelerated.
Despite the Total Industry Volume for passenger cars in Malaysia for the first 4 months of calendar year 2018 was 1.3% lower year-on-year, Mazda has regained its number 6 position, overtaking Mercedes Benz and BMW, with a growth of 47% compared to the same period last year. The Group's performance has improved since the third quarter of its financial year, benefitted from its ever popular new CX-5 model since its launched in October 2017, both in terms of market share as well as profitability. The higher volume of cars to be exported to the ASEAN Region to cater for the increasing demand coupled with the high demand in the domestic market is expected to drive up the profitability of its associate company, MMSB.
In the Philippines, the World Bank and the Asian Development Bank have both expected the country to remain among the fastest-growing economies in the region for calendar year 2018, with forecast of 6.7% and 6.8% growth respectively. BAP remains positive and confident that it will continue to contribute positively with the introduction of new models in near future. In addition, the number of dealerships is expected to increase from 19 in year 2017 to 21 in year 2018. In view of the foregoing, the Directors anticipate the performance of the Group to show improvements in the financial year ending 30 April 2019.
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