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PETALING JAYA: AEON Credit Service (M) Bhd
has registered a year-on-year (year-on-year) jump of 5.46% in its net profit to RM 51.81 thousand in its second quarter ended August 31.
This was mainly due to lower impairment losses on financing loans, personnel expenses and advertising expenses recorded.
Group revenue decreased 10% year-on-year to RM363.97k, primarily due to the recognition of the first day modification net loss of RM28.41k related to the Aeon Assistance Program launched in June 2020 to provide financial assistance to customers and lower revenue from commission income.
The ratio of total operating expenses to income was recorded at 65% for the current quarter compared to 74% in the corresponding quarter of the prior year, while its credit loss coverage ratio improved to 417% compared to 342% in the same quarter last year.
Based on a semi-annual financial review, Aeon Credit’s net income decreased 41.61% to RM78.09 mainly due to motion control order disruptions in the company’s operations.
Aeon output – Filepic
Revenue for the first six months fell 3.73% year-on-year to RM 753.85 million from RM 783.03 million in the same period last year.
In a presentation to Bursa Malaysia yesterday, the group said the ongoing pandemic is expected to have a negative impact on the company’s financial performance and results for the financial year.
Aeon Credit Managing Director Yuro Kisaka (photo) said the company has weathered the unprecedented crisis by focusing on labor allocation, sales growth and accounts receivable collection.
“We will continue to closely monitor and assess the credit risk inherent in our financing portfolio emphasizing on improving asset quality, adopting prudent cost and cash management, and improving financial and operational efficiency by leveraging our positive business fundamentals. and a wide range of clients.
“The pandemic has increased digital acceptance in the market. In fiscal 2021, we will accelerate the implementation and deployment of our digitization efforts to improve our customers’ touchpoints and user experience, ”he said.
The group has proposed a single-level interim dividend of 9.2 sen / share, payable on November 5. This is lower compared to 22.25 sen / share that was declared in the same period last year.
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