Thursday, July 22, 2010

Cycle & Carriage earnings at RM5.88m

KUALA LUMPUR: Cycle & Carriage Bintang Bhd, which sells Mercedes-Benz cars, reported net profit of RM5.88 million in'' the second quarter ended June 30, 2010, down 46% from the RM10.89 million a year ago where there was a one-off refund on duties.

It said on Thursday, July 22 revenue rose 30% to RM161.02 million from the RM123.8 million a year ago. Earnings per share were 5.84 sen versus 10.82 sen.

It declared an interim dividend of 5.0 sen a share compared with RM1.25 a year ago.

For the first half, net profit declined 19% to RM12.63 million from RM15.51 million in the previous corresponding period. Revenue rose 29% to RM307.67 million from RM239.12 million a year ago.

Commenting on the results,'' its chairman Ben Keswick said net profit from underlying operations was 15% up on the previous year mainly due to higher sales.

He said the 2009 results were enhanced by a refund of RM4.5 million of duties previously written off.

"Sales of Mercedes-Benz passenger cars rose by 29% benefiting from the improved market conditions and the strong demand for the new E-Class, which had been launched in the last quarter of 2009. The results from the group's after-sales operations were in line with the previous year," he said.

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