KUALA LUMPUR, Sept. 11 -- Malaysian car distributor Bermaz Auto Bhd. saw first-quarter net income plunge 88 per cent amid rising competition from Chinese automakers.

Shares tumbled nearly 9 per cent to 61.5 sen on Friday, hitting a record low, according to Bloomberg.

The distributor of Mazda, Kia, and Xpeng vehicles posted net income of RM8.28 million for the quarter ended July, down sharply from last year.

Revenue fell 42 per cent in the quarter as domestic sales volumes declined.

Bermaz warned that seven straight quarters of dwindling earnings are expected to continue as Chinese brands expand aggressively in Malaysia.

"Vehicle sales in the country are impacted by the influx of Chinese-made vehicles, which are making inroad with the...