Published: Thursday September 20, 2012 MYT 7:21:00 PM
Aeon Credit Q2 earnings up 36.8% to RM32m
KUALA LUMPUR: Aeon Credit Service (M) Bhd's earnings increased by 36.8% to RM32.08mil in the second quarter ended Aug 20, 2012 from RM23.45mil, underpinned by strong growth in the personal financing and vehicle financing schemes.
It announced on Thursday its revenue increased by 35.4% to RM112.48mil from RM83.03mil. Earnings per share were 26.74 sen compared with 19.54 sen.
Aeon Credit declared an interim single tier dividend of 15.50 sen per share, payable on Oct 22.
Its improved performance was due to growth in business and receivables based on marketing and promotion strategies implemented in a period of continued favourable economic environment.
"Financing and transaction volume for the quarter was higher by 40% compared to same quarter in previous year, with sharper growth of 155% and 67% for personal financing and vehicle financing schemes respectively, and lower growth recorded for other products.
"The financing receivables as at end of the quarter was RM1.86bil, representing growth of 42% from second quarter of FYE 2013. The company's gross non-performing loan (NPL) ratio of 1.53% in August 2012 is marginally lower compared to 1.63% in August 2011," it said.
For the first half, the earnings increased 41.4% to RM60.17mil from RM42.63mil a year ago. Revenue increased 33.6% to RM214.11mil from RM160.18mil.
Aeon Credit managing director Yasuhiro Kasai said "going forward, we will be focusing on new business growth areas identified such as car financing and equipment or other asset financing for small and medium sized businesses while sustaining growth in existing core products".