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KUALA LUMPUR, July 4 (Bernama) -- AEON Credit Service Bhd posted a marginal drop in net profit to RM163.06 million in the first quarter (Q1) ended May 31, 2022 compared with RM163.09 million in the preceding year’s corresponding quarter.
In a filing with Bursa Malaysia, it said revenue fell 5.0 per cent to RM390.57 million from RM410.96 million previously, mainly attributed to the decrease in average financing receivables as compared to Q1 in the preceding year.
Meanwhile, in a separate statement, AEON Credit said the gross financing receivables in Q1 registered a slight decrease of RM61.87 million to RM10.00 billion compared with RM10.06 billion recorded previously.
“The slower growth in the quarter was due to lower market demand attributable to the special Employees' Provident Fund withdrawal programme and supply chain disruptions in vehicle financing,” it said.
On prospects, it said the group was cautiously optimistic that business revenue would eventually increase to the pre-pandemic level.
“Nevertheless, the group will continue to closely monitor and assess the inherent credit risks in its financing portfolios, with proactive attention focused on the enhancement of asset quality, prudent cost management, and improvement of financial and operational efficiencies by leveraging on its positive business fundamentals,” it said.
Furthermore, AEON Credit said it is committed to building on its business sustainability and growth agenda and will be continuously enhancing its information technology capabilities to drive the digitalisation of its operations.
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