AUTOMOTIVE component maker Ingress Corporation Berhad is confident of maintaining last year's revenue and profit levels despite uncertainties in the regional automotive industry.

Its executive vice-chairman Rameli Musa said the countdown to implementation of the Asean Free Trade Area (AFTA) in 2005 had created jitters in the regional automotive market, which had affected manufacturers and consumers.

"We are confident that a clearer picture will emerge once Afta is implemented," he told reporters after the company's AGM in Seri Kembangan yesterday.

Rameli said the automotive market was experiencing "a rough time" and demand for components was fluctuating from month to month.

Ingress posted a lower pre-tax profit of RM3.89 mil for the first quarter ended April 30, compared with RM7.95 mil in the same period last year. Revenue declined to RM33.41 mil from RM39.4 mil previously.

Rameli said the slowdown in demand for Proton and Perodua cars had affected Ingress' first quarter performance.

He said, however, that Ingress' automotive component manufacturing operations in Thailand was expected to post growth this year compared with last year due to higher demand for Honda and Isuzu models. Ingress suppliers components to Honda, Isuzu, Mitsubishi, Ford and Mazda in Thailand.

"We expect the contribution of our overseas ventures, currently at 25% to 30% of overall revenue, to increase to 50% in 2006," he added.

Rameli said the company's new factory in Indonesia was expected to commence production of components for Mitsubishi vehicles by December, followed by parts for Suzuki vehicles in June next year.

The company, he added, had the intention to transfer its listing from the KLSE second board to the main board but would not rush into it.

"For the time being, we are studying the advantages and disadvantages of such move before we make a final decision."

Rameli also said that company was implementing one of its four mini-hydroelectric power stations projects, having received approval from the Government to build four such power stations in Peninsular Malaysia.