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| CCB to pay out RM91m in special dividend |
| Written by Chong Jin Hun | |||
| Friday, 31 July 2009 11:07 | |||
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CCB told Bursa Malaysia yesterday its net profit fell to RM10.9 million for the quarter from RM29.97 million a year earlier, as it registered less income from its after-sales operations. Revenue declined 19.6% to RM123.80 million from RM154.05 million. However, the company said it had incurred less operating expenses and sold more cars in 2Q. “The operation of the group’s businesses following the restructuring which was completed last year has generated further positive cashflow,” CCB chairman Ben Keswick said. “The company is now in a position to return surplus funds not earmarked for operational needs or for investment in the foreseeable future.” Together with the special dividend of RM1.20 per share less tax, or 90 sen a share net, CCB has declared an interim dividend of five sen a share less tax for the quarter under review. CCB’s first-half net profit fell 54.4% to RM15.51 million from RM34.01 million while revenue declined 20% to RM239.13 million from RM298.82 million. “Net profit attributable to shareholders at RM15.5 million benefited from a refund of RM4.5 million of duties which were written off in earlier years. “The result was, however, 54% lower than the previous year which had been enhanced by non-recurring gains of RM26 million, which included a one-off premium received from the wholesale company and gain from the sale of properties,” Keswick said. The car dealer said sales of Mercedes-Benz passenger cars during the first half of the year was 14% higher at 800 units. This article appeared in The Edge Financial Daily, July 31, 2009.
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