KUALA LUMPUR (May 24): Tan Chong Motor Holdings Bhd (KL:TCHONG) posted a wider net loss of RM15.72 million for the first quarter ended March 31, 2024 (1QFY2024) from RM5.07 million a year ago.

This is the sixth consecutive loss-making quarter for the automotive assembler and distributor which carries marques such as Nissan and Renault.

In its bourse filing on Friday, the group cited softer consumer sentiments and a highly competitive business landscape in both the local and overseas markets for the continued loss.  

Loss per share swelled to 2.41 sen from 0.78 sen in 1QFY2023.

As at end-March 2024, the group’s retained earnings was RM1.51 billion.  

Quarterly revenue declined 9.06% to RM563.7 million — its lowest since 3QFY2021 when it reported RM439.38 million — from RM619.89 million a year before.  

Tan Chong declared a dividend of one sen per share for the quarter under review, payable on June 28.  

Moving forward, the group said it continued to improve its showrooms and service centres as part of its commitment to provide better customer experience and service, and reinforce its position as a leader in customer experience within the automotive retail journey.  

Additionally, the group plans to introduce new models with the e-Power technology in the second half of 2024. e-Power is Nissan's unique electric powertrain which generates electricity from an engine and is 100% motor driven.

Tan Chong also said that its first floating large-scale solar photovoltaic plant in Serendah, Selangor, which commenced operation in January 2024, will contribute positively to its revenue stream.

Shares of Tan Chong closed up one sen or 1.2% at 86 sen, giving the group a market capitalisation of RM578 million.