Government Losing Concern (GLC) Proton Loses RM342M
By Syed Akbar Ali
Well more stuff is hitting the fan. Proton has just announced that they have lost RM342 million for the fourth quarter. Here is the bad news (trunc). My comments in blue:
KUALA LUMPUR: Proton Holdings Bhd yesterday announced a net loss of RM341.5mil for its fourth quarter ended March 31 as write-downs and impairments dragged down the company’s financial performance that has already been hurt by a slowdown in sales.
Group chairman Datuk Mohd Nadzmi Mohd Salleh said Proton’s performance reflected the current global economic condition.
For the fourth quarter, Proton posted an 18.4% drop in revenue to RM1.4bil and net profit swung into the red with a loss of RM341.5mil from a profit of RM217.5mil.
For the full year, Proton posted a net loss of RM320.3mil, or 58.3 sen a share, compared with a profit of RM184.6mil, or 33.6 sen a share (previously). Revenue for the year rose to RM6.49bil from RM5.62bil previously.
