DRB-Hicom back in the black in Q3

PETALING JAYA: DRB-Hicom Bhd registered a net profit of RM73.02 million in the third quarter ended Dec 31, 2018 compared with a net loss of RM70.03 million a year ago due to better operating financial performance across all business segments.

Revenue for the quarter rose 9.30% to RM3.17 billion from RM2.9 billion a year ago thanks to better performance of the automotive companies including the sale of X70 SUV by Proton, which was launched in December 2018.

In a filing with Bursa , the group said its automotive segment recorded a higher revenue of RM1.95 billion compared with RM1.6 billion a year ago while the services segment recorded revenue of RM1.13 billion compared with RM1.08 billion a year ago.

However, revenue for the property segment was lower at RM85.44 million compared with RM229.47 million a year ago.

For the nine months ended Dec 31, 2018, DRB’s registered a net loss of RM5 million compared with a net profit of RM489.78 million a year ago while revenue fell 2.82% to RM9.01 billion from RM9.27 billion a year ago.

During the period, the automotive sector continued to be the largest contributor but revenue was lower at RM5.28 billion compared with RM5.30 billion a year ago as the previous year’s revenue included the Lotus marque, which was disposed off in September 2017.

For the ending March 31, 2019, the group expects operating results to be better than the previous year’s financial results.

Since the official debut of Proton’s maiden SUV on Dec 12, 2018, Proton has delivered over 7,000 units of the X70 from about 18,000 bookings.

Source: The Sun Daily

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