KUALA LUMPUR: MBM RESOURCES BHD [] net profit for the second quarter ended June 30, 2010 surged 176.8% to RM38.6 million from RM13.95 million a year earlier, driven strong orders.
Revenue rose 52.8% to RM404.8 million from RM264.93 million. Earnings per share was 16.02 sen.
The company declared a first interim single tier dividend of five sen per share for financial year ended Dec 31, 2010.
Reviewing its performance, MBM said the new dealership operations under Federal Auto Group ' namely Volkswagen and Mitsubishi ' commanded vehicle sales expansion of 84.3% and 35.6% respectively over preceding quarter.
This brings the group's mid-size to luxury passenger segment's sales to more than double what was sold in the same period of 2009, it said in a filing to Bursa Malaysia Securities on Tuesday, Aug 17.
Its Perodua dealership ' under the group's subsidiary DMM Sales Sdn Bhd ' also recorded an increase in share of total Perodua national sales to 9.1%, compared to 7.7% in the same period of 2009, it said.
Overall, improved vehicle sales and the stable ringgit/yen/US dollar currency environment contributed to growth in operating profits for the quarter, it said.
On its prospects, MBMR said the Malaysian Automotive Association had raised its forecast for TIV this year from 550,000 to 570,000 units, a new record high for Malaysia.
"Based on the orders taken by the motor division, we expect group revenue to continue to improve, albeit at a more moderate pace.
"The group's expansion in its dealership network for its various brands namely Hino, Volkswagen and Mitsubishi, and additional investments in upgrading its existing network into 3S (sales, service and spare parts) Centres, are progressing as scheduled. These investments will contribute positively to the group's future growth," it said.
Revenue rose 52.8% to RM404.8 million from RM264.93 million. Earnings per share was 16.02 sen.
The company declared a first interim single tier dividend of five sen per share for financial year ended Dec 31, 2010.
Reviewing its performance, MBM said the new dealership operations under Federal Auto Group ' namely Volkswagen and Mitsubishi ' commanded vehicle sales expansion of 84.3% and 35.6% respectively over preceding quarter.
This brings the group's mid-size to luxury passenger segment's sales to more than double what was sold in the same period of 2009, it said in a filing to Bursa Malaysia Securities on Tuesday, Aug 17.
Its Perodua dealership ' under the group's subsidiary DMM Sales Sdn Bhd ' also recorded an increase in share of total Perodua national sales to 9.1%, compared to 7.7% in the same period of 2009, it said.
Overall, improved vehicle sales and the stable ringgit/yen/US dollar currency environment contributed to growth in operating profits for the quarter, it said.
On its prospects, MBMR said the Malaysian Automotive Association had raised its forecast for TIV this year from 550,000 to 570,000 units, a new record high for Malaysia.
"Based on the orders taken by the motor division, we expect group revenue to continue to improve, albeit at a more moderate pace.
"The group's expansion in its dealership network for its various brands namely Hino, Volkswagen and Mitsubishi, and additional investments in upgrading its existing network into 3S (sales, service and spare parts) Centres, are progressing as scheduled. These investments will contribute positively to the group's future growth," it said.
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