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||20 February 2010
Malaysian car maker posts profit in Q3 as sales increase
Proton Holdings Bhd posted a net profit of 79.7 million ringgit, or 14.5 sen a share, for its third quarter ended Dec 31 compared with a loss of 74.7 million ringgit a year ago, the StarBiz reported.
Its its performance was lifted by higher sales of its three key models, better cost management and 44 million ringgit (1$=3.4 ringgit) in research and development grant from the Government during the quarter.
Higher sales led to its revenue improving to 2.01 billion ringgit during the quarter from 1.55 billion ringgit in the previous corresponding period while pre-tax profit came in at 83 million ringgit against a loss of 60.9 million ringgit.
“The improvement in performance to date is the result of cumulative initiatives launched over the last four years, particularly in the enhancement of product portfolio, cost management and strengthening of the automotive ecosystem,” chairman Datuk Mohd Nadzmi Salleh said in a statement.
He said revenue slowed down from the second to third quarter as the company sold 42,580 units in the second quarter compared with 37,530 in the third quarter. “It’s partly seasonal and partly because of the slowdown in sales of Exora,’’ he said. Sales of Exora, however, bounced back strongly in December.
In the statement, Proton said domestic car sales increased by 3 percent during the nine months, driven by the company’s top three selling models – Exora, Saga and Persona. That enabled its domestic market share to expand from 26 percent to 28 percent.
On the prospects of 2010, group managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir said signs of the global economic and financial recovery were being considered cautiously as the company pushed ahead with plans to realise operational efficiencies.
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