Proton Holdings reported a 95% drop in net earnings to MYR4.5m in the first quarter of the current financial 2011, ending in June, compared with a MYR84.7m a year earlier.

The Malaysian automaker attributed the drop to significantly higher expenses association with restructuring and rebranding of its British sports car subsidiary Lotus Group International.

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The drop in earnings was far worst than most analysts had expected and Proton’s shares were hit by a barrage of downgrades. “Lotus Group will continue to be a much larger drain on resources for the company than had been previously thought” said a local banking analyst.

Revenues dropped by 2.5% to MYR 2,233m with domestic sales up marginally year on year to 40,353 units.

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