On SunDaily: http://www.thesundaily.my/news/473282
- DRB-Hicom's Q1 net profit falls 64%
Posted on 27 August 2012 - 08:45pm
SHAH ALAM (Aug 27, 2012): DRB-Hicom Bhd's net profit for the first quarter ended June 30, 2012 (Q1) fell 64% to RM32.6 million from RM91.1 million a year ago due to higher finance cost following the acquisition of Proton Holdings Bhd and losses incurred by Proton's subsidiary Group Lotus Plc.
Its revenue, however, rose 119% to RM3.5 billion from RM1.6 billion following the inclusion of Proton's revenue in Q1. DRB-Hicom had completed its 100% acquisition of Proton on June 26.
"The impact of Proton's acquisition on the group's bottom line is transient. With the recent addition of Proton into the group, there is tremendous potential to realise a number of synergistic opportunities for us," DRB-Hicom group managing director Datuk Seri Mohd Khamil Jamil said in a statement today.
"We are also looking at the implementation of several initiatives to improve cost effectiveness, quality and delivery efficiency to further enhance the group's performance — all geared towards ensuring growth and profitability for both Proton and the group.
"These initiatives will leverage the group's extensive business and technical know-how as well as its experience working with global partners, who are market leaders. The initiatives transcend the entire automotive value chain, which includes manufacturing systems, localisation, vendor development, distribution, marketing and after sales," he added.
With all these initiatives in place, the board expects the group's performance for the financial year ending March 31, 2013 to remain satisfactory.
"We also look forward to further growth in the auto industry on the back of the increase in total volume of motor vehicle sales of 301,224 units in the first six months of 2012, compared with 297,203 sold a year ago," said Mohd Khamil.
This is Business Times version. (the headline focused on the revenue. why? guess. :P )
- DRB-HICOM Q1 revenue soars 119pc to RM3.46b
Published: 2012/08/28
KUALA LUMPUR: DRB-HICOM Bhd's revenue jumped 119 per cent to RM3.46 billion for the first quarter ended June 30 2012 from RM1.58 billion in the corresponding period last year, after it included Proton Holdings Bhd's revenue in the period under review.
However, the group's pre-tax profit dropped to RM97.9 million from RM146.3 million a year ago. This is due to the higher finance cost following the acquisition of Proton as well as the losses incurred by Proton's wholly-owned subsidiary, Lotus, it said in a statement yesterday.
DRB-HICOM completed its 100 per cent acquisition of Proton on June 26 2012.
The group's managing director Datuk Seri Mohd Khamil Jamil said the group is looking at the implementation of several initiatives to improve cost effectiveness, quality and delivery efficiency to enhance its performance that is all geared towards ensuring growth and profitability for both DRB-HICOM and Proton.
He added these initiatives will leverage on the group's extensive business and technical know-how as well as its experience working with global partners.
The initiatives transcend the entire automotive value chain, which includes manufacturing systems, localisation, vendor development, distribution, marketing and after sales, he said.
"The impact of Proton's acquisition on the group's bottom line is transient. With the recent addition of Proton into the group, there is tremendous potential to realise a number of synergistic opportunities for us," he said.
DRB-HICOM's performance is expected to remain satisfactory for its financial year ending March 31 2013 with all the initiatives in place.
Mohd Khamil said the group looks forward to grow in the automotive industry on the back of the increase in the total volume of motor vehicle sales to 301,224 units in the first six months of 2012, compared with 297,203 sold last year.
Another one for my Best Fit News section.
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