Cycle & Carriage Reports Improved Q1 Results

KUALA LUMPUR, April 21 (Bernama) -- Cycle & Carriage Bintang Bhd's pre-tax profit for the first quarter ended March 31, 2012 rose to RM10.634 million (US$3.468 million) from the RM9.819 million (US$3.203 million) recorded in the corresponding quarter last year. Revenue for the period also rose to RM161.669 million (US$52.74 million) from RM152.159 million (US$49.64 million) previously. In a filing to Bursa Malaysia, the company, which primarily sells Mercedes-Benz cars said unit sales of the German luxury passenger car was nine per cent higher, benefiting in part from the inclusion of Lowe Motors. "The contribution from the after-sales operations also improved following the reintroduction of third year warranty servicing for vehicles sold since January 2010," the company said. Moving forward, Cycle & Carriage said while the first quarter results were higher than in the previous year, trading conditions are expected to be challenging for the remainder of 2012, due to the intense competition in the luxury car market. -- BERNAMA