The consumer finance group will invest up to RM6 million to set up an online shopping portal in the first quarter of next year. This will be done in partnership with AEON Co (M) Bhd, operator of the Jusco department stores and supermarkets.
The investment will be part of some RM40 million to upgrade the existing information technology systems. AEON Credit also plans to offer its debt recovery services to other companies in the second half of the year.
"The Malaysian economy has improved from the global recession and we are certain consumer confidence is increasing, and so will their expenditure patterns.
"However, we are still cautious and will look into our company's operational efficiency to ensure maximum performance and customer benefits," AEON'S newly appointed managing director Yasuhiro Kasai said.
In the first quarter to May 20 2010, revenue rose 3 per cent to RM53 million. Net profit was up 8 per cent to RM13.2 million. Its performance was driven by its easy payment business, it said in a statement to Bursa Malaysia.
AEON Credit's credit card business was affected by the government's service tax although not as bad as the broader industry.
Currently, there are about 110,000 AEON credit cards in circulation.
"We can still see strong business growth in credit card expenditure. Most customers who cancelled their credit cards were non-active customers," chairman Datuk Abdullah Mohd Yusof said.
The group boasts a strong recovery collection centre and expects to offer its debt recovery services to other companies within the second half of the year. Its recovery rate is between 30 per cent and 40 per cent.
AEON Credit has three regional offices and 31 branches. It opened its latest branch in Temerloh, Pahang, and a service centre in AEON Bandaraya Malacca last year.
By Lynn Omar
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