Tan Chong Motor Holdings reported the largest quarterly loss in a decade with RM90.28 million for Q3 2024. The company attributes its losses to foreign exchange, reduced consumer demand, and increased competition from Chinese brands. Revenue fell by 28.8% in Q3, and the company plans to enhance operational efficiencies.
Tan Chong Motor Holdings reported a net loss of RM90.28 million for the third quarter of 2024, marking the largest quarterly loss in a decade. The company cited a RM53.2 million foreign exchange loss , a decline in consumer sentiment, and increased competition from Chinese automotive brands as key factors. This loss follows a record of eight consecutive quarters of losses since the fourth quarter of fiscal year 2022, with a cumulative net loss of RM146.1 million in the first nine months of 2024.
Revenue for Q3 fell by 28.8% to RM462.66 million, while year-to-date revenue has dropped by 16.8%. Despite these challenges, the company remains optimistic about its long-term prospects and plans to improve operational efficiencies and manage costs more effectively
Tan Chong Motor Holdings RM90.28 Million Loss Q3 2024 Foreign Exchange Loss Chinese Automotive Brands Operational Efficiencies
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