Thursday, November 17, 2011

APM Automotive 3Q net profit dips 15% to RM26.84m

KUALA LUMPUR (Nov 17): APM AUTOMOTIVE HOLDINGS BHD [] net profit for the third quarter ended Sept 30, 2011 fell 15.2% to RM26.84 million from RM31.67 million a year earlier, partly due to currencies and operational upgrades.

The company said on Thursday, Nov 17 that its revenue for the quarter however improved to RM297.22 million from RM291.48 million in 2010, due mainly to higher vehicle production.

Earnings per share fell to 13.71 sen from 16.18 sen in 2010, while net assets per share was RM4.03.

For the nine months ended Sept 30, APM said its net profit fell to RM82.67 million from RM94.15 million, while revenue decreased to RM875.74 million from RM890.91 million in 2010.

Reviewing its performance, APM said the effects of the disruption in the supply chain caused by the earthquake in Japan had been mostly contained, and hence, all operations in Malaysia recorded higher revenue.

On its prospects, APM said the recent severe flooding in Thailand was expected to cause disruption to the supply chain.

It said several local non-national assemblers had announced a slowdown in vehicle production for the rest of the year.

'Fortunately, due to the high level of localisation for national assemblers, the impact to the national carmakers is likely to be kept to a minimum.

'Thus, the group's performance in the last quarter would not be adversely affected,' it said.


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