For the quarter ended 30 June 2024, Tan Chong Motors recorded revenue of RM545.1 million, a reduction of 12.0% compared to the same period preceding year, which it said was mainly due to softer consumer sentiments and a highly competitive business landscape in the local and overseas markets.

In line with the lower revenue and lower margin, the Group recorded a Loss Before Tax of RM42.3 million in the current quarter under review, compared to LBT of RM8.0 million in the same period preceding year.

For the six months ended 30 June 2024, the Group recorded revenue of RM1.1 billion, 10.5% lower than in the same period preceding year. As a result, the Group recorded a LBT of RM58.4 million in the current year-to-date period, compared to LBT of RM5.5 million in the same period last year. The decrease in profitability was mainly due to lower sales and lower net foreign exchange gain.