Increased revenues and sales volumes have helped Proton Holdings Berhad report a rise in second quarter profits, the Malaysian carmaker said today.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
In a statement, Proton said it had achieved second quarter increases in revenue, RM3.55 billion against RM2.45 billion and sales volume, 44,677 units against 39,888 units. Net profit after tax reached RM95.8m against a net loss of RM43.2m in the same period a year before.
The company said the results were positively impacted by an increase in domestic sales volume and reversal of allowance for doubtful debt, offset by provisions for anticipated raw material and components price increase and higher overheads.
Chairman Dato’ Mohammed Azlan Hashim said the result, deomnstrated the company’s ability to sustain its financial performance despite the increasingly challenging industry environment.
“Nonetheless, PROTON will continue to remain focused on the tasks ahead and must remain vigilant of the various challenges facing the automotive industry,” Dato’ Mohammed Azlan added.
The company added that it had renewed the contract for its managing director, Dato’ Haji Syed Zainal Abidin Syed Mohamed Tahir.
He said: “For exports, we will continue to focus on our strategy, concentrating on high-growth regional markets such as Asean, China, India and the Middle East North Africa (MENA) for economies of scale.”
