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Monday, June 18, 2012

Mazda shifts gear from Carmart to Colonial Motors

Popular motor brand Mazda’s sole agency rights have moved from Cartmart to Colonial Motors Group.

Colonial Motors Plc said on Friday its wholly-owned subsidiary Colonial Motors (Ceylon) Ltd. has been appointed as an importer and distributor for Mazda vehicles within the territory of Sri Lanka and the Republic of Maldives. This was following Mazda Motor Corporation and NBK Corporation, Japan and Colonial signing necessary agreements.

Carmart Ltd. was previously the sole agent, authorised repairer and spare parts distributor for Mazda. Its flagship agency remains Peugeot.

Colonial Motors handles sales of spares for TATA and Leyland vehicles and spares for Land Rover whilst its fully-owned subsidiary handles Korean brand Kia.

During FY12 Group turnover rose by 163% to Rs. 3.96 billion largely on account of subsidiary KIA Lanka Motors Ltd, whilst after tax profit rose by 401% to Rs. 1.16 billion.

At company level after tax profit rose to Rs. 329 million from Rs. 34.5 million in FY11 and turnover was Rs. 402 million, up by 45%. The bottom line had been boosted by other operating income of Rs. 326.2 million (285.7 million in 4Q), up from Rs. 31 million in FY11.

Colombo Fort Land and Building owns 63.5% of Colonial Motors Plc.

source - www.ft.lk