Monday you must show your hand, I have waited for so longgggggggg
Written by Joseph Chin
Friday, 19 February 2010 17:17
KUALA LUMPUR: PROTON HOLDINGS BHD [] posted net profit of RM79.67 million in the third quarter ended Dec 31, 2009, a vast contrast from the losses of RM74.67 million a year as the national car maker continued to show a turnaround in its fortunes, underpinned by higher sales volumes from its new models and better margins.
It said on Friday, Feb 19 that revenue was RM2.01 billion compared with RM1.55 billion a year ago. Earnings per share were 14.5 sen versus loss per share of 13.6 sen. It did not propose any dividend. Its net asset per share was RM9.76.
However, its net profit in the 3Q was lower compared with 2Q's net profit of RM82.06 million. Pre-tax profit was at RM83 million, down 18% from RM101 million in 2Q.
"The decrease in (3Q) profit was due to decline in domestic sales volume and higher promotional costs required to drive sales towards the end of the calendar year," it said.
Its inventories as at Dec 31, 2009 declined to RM1.224 billion from RM1.395 billion as at March 31, 2009. Trade receivables declined to RM875.83 million from RM919.73 million. However, cash, bank balances and deposits rose to RM1.495 billion from RM913.85 million.
For the nine-months, net profit jumped to RM216.29 million from RM21.16 million in the previous corresponding period while revenue rose to RM5.969 billion from RM5.109 billion.
In its performance review, Proton said domestic sales volume increased by 3% from a year ago and this was mainly driven by the sales of Exora.
"This was achieved against a contraction in the domestic total industry volume (TIV) and as a result Proton's domestic market share grew from 26% to 28% this year," it said.
Despite the decline in domestic TIV and challenging ecojomic conditions, Proton's pre-tax profit jumped four times to RM247.98 million from RM54.36 million, underpinned by domestic sales growth and better profit margins on the sales of the Exora, Persona and Saga.