KUALA LUMPUR (April 21): Cycle & Carriage Bintang Bhd’s (CCB) net profit tumbled to below the million ringgit mark for its first financial quarter ended March 31, 2017 (1QFY17) amid intensified price competition among premium car suppliers.
In a statement today, the group said the quarterly net profit stood at RM312,000 or 0.31 sen per share, down 96.72 from RM9.5 million or 9.43 sen for 1QFY16.
For FY16, CCB’s sales rose 6% year-on-year to 4,873 units, but net profit fell 25% to RM39.1 million as sales volume growth was driven by its lower-margin models such as the C-Class.
Currently, 70% of CCB’s sales come from sales of CKD units, while the balance comes from imported cars.
“The group’s first quarter performance reflected a weak domestic market and increased competition,” said CCB.
Suzuki Swift 2017 – new car price list revealed
Suzuki Swift 2017 will go on sale on 1st June with prices starting at just £10,999.
The latest Suzuki Swift was officially unveiled at the Geneva Motor Show 2017 in March.
For the latest supermini, there will only be a five-door option with Suzuki opting to ditch the less practical three door.
It has never been one of the bigger competitors in the supermini category, being unable to hit the heights the Ford Fiesta or Vauxhall Corsa could.
referring to The average price of a new car is down 4.7% on last year.
Economist Jim Power says consumer behaviour remains relatively cautious: “New used imports from the UK are up by 56.1% in the first quarter and that is undoubtedly undermining used car sales.
“However there is also a lot of increases feeding through in what are necessities for many people, and these increases are undermining disposable incomes.”
The Society of the Irish Motor Industry (SIMI) / DoneDeal Report shows petrol prices are up 14.3% and diesel rose by over 18% for the first quarter of the year.