DRB-Hicom posts net loss of RM11.42m in Q2

, Nov 29 — DRB-Hicom Bhd swung to a net loss of RM11.42 million for the second quarter (Q2) ended Sept 30, 2018, from a net profit of RM742.6 million a year earlier.

The company said the profit in the corresponding period of last year included a research and development reimbursement grant of RM1.10 billion, net of Proton Holdings Bhd’s restructuring costs of RM325.47 million.

Revenue in the quarter under review declined to RM3.18 billion from RM3.24 billion previously.

In a filing with Bursa today, DRB-Hicom attributed its operating losses to the lower performance of certain companies in the automotive and services sectors.

Moving forward, it said the group would continue to remain vigilant and exercise prudent cost management across its operations.

“While the turnaround of Proton remains on track, the group’s performance for the ending March 31, 2019, will be contingent on the improved financial performance of the national car maker,” DRB-Hicom added.

During the quarter under review, Proton recorded revenue of RM1.05 billion, rising more than 70 per cent against the previous quarter. — Bernama

Source: The Malay Mail Online

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