AeonCredit Service Bhd's net profit margin fell to RM163.06 million in the first quarter (Q1) ended May 31, 2022, compared with a net profit of RM163.09 million in the same period a year earlier.
In a filing to Bursa Malaysia, the company said revenue fell 5.0% to RM390.57 million from RM410.96 million previously, mainly due to average financing receivables compared to the first quarter of the previous year. reduce.
Meanwhile,Aeon Creditsaid in a separate statement that total financing receivables in the first quarter were slightly down at RM61.87 million to RM100 billion from the previously recorded RM100.6 billion.
"The slowdown in growth this quarter was due to lower market demand due to the special employee provident fund exit scheme and disruption to the auto financing supply chain," the report said.
Looking ahead, the group said the group was cautiously optimistic that business revenue would eventually increase to pre-pandemic levels.
"Nevertheless, the group will continue to closely monitor and assess the inherent credit risk in its financing portfolio, with an active focus on improving asset quality, prudent cost management and improving financial and operational efficiency by leveraging its positive business fundamentals," the group said. .
In addition,Aeon Creditsaid it is committed to building its business sustainability and growth agenda and will continuously improve its information technology capabilities to drive the digitization of its business.
