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Malaysia’s Proton posts group loss
Proton Holdings Bhd yesterday announced a group pre-tax loss of 338 million ringgit ($969,874) for its financial year ended March 31, 2009, from a pre-tax profit of 144 million ringgit in 2008, mainly due to an exceptional impairment of property, plant and equipment and inventory write-down.
Malaysia’s national news agency Bernama quoted Proton Chairman Mohd Nadzmi Mohd Salleh as saying the group's poor performance was due to the global crisis. The softening of the automotive industry arising from the financial crisis had also adversely affected the performance of the group in the second half of the financial year, he said.
"The main reason for the group's loss was due to Proton's decision for the impairment of PPE ( property, plant and equipment) and inventory write-down for certain models impacted by volume contraction," Nadzmi said.
"Additionally, the results for the second half of the financial year have also been adversely affected by the accelerated amortisation of certain dies and jigs as well as the increased costs of components and raw materials arising from higher foreign currency exchange rates, particularly the Japanese yen and US dollar."
Proton's group total revenue, however, improved by 864.98 million ringgit to 6.49 billion ringgit in the fiscal year 2008-2009 compared with 5.62 billion ringgit in the fiscal year 2007-2008. The group sold 156,845 cars in the fiscal year 2008-2009 against 139,942 units last year, Nadzmi said.
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