DRB-Hicom Q2 net loss to RM 11.42 million on the weakest property, auto segments – Business News

KUALA LUMPUR: Bhd DRB-Hicom recorded net losses of RM 11.42 million in the second quarter ended September 30, 2018, mainly due to lower performance of some companies in the automotive and services sectors.

DRB-Hicom The net loss was different from the net profit of Rs 742.59 million a year ago, which included an R & D payback premium of RMB 1.10 billion, net of Proton's restructuring costs of $ 325 million. , 47 million RMB.

The group, whose main activities are automotive, services and education, real estate and construction, reported a turnover down 3.28 billion RMB.

"The auto and service sectors performed better, while the real estate sector saw a drop in sales," the report said.

The loss per share was 0.59 sen, compared to a profit per share of 38.41 sen.

The pre-tax loss of 49.24 million RMB in the second quarter compared to 94.40 million RMB in the first quarter is mainly due to the better performance of the automotive sector during the quarter.

For the first six months ended September 30, the group recorded net losses of 78.02 million RMB against a net profit of 559.80 million RMB for the corresponding previous period.

The Group's revenues decreased by 8.3 percent to 5.84 billion RMB from 6.37 billion a year ago, mainly due to lower sales in the automotive and automotive sectors. real estate.

He explained that in the automotive sector, the decrease was largely due to the loss of revenue following the sale of Lotus and the decline in vehicle sales by Proton.

However, the services sector recorded an increase in revenues from banking and waste management activities.

Its real estate segment recorded a decline in operating revenue primarily due to lower construction-related revenue.

DRB-Hicom said its main focus would be Proton's turnaround, with the deployment of the country's first SUV, the Proton X70, scheduled for December 2018.

The launch of the Proton X70, along with other branded product launches within the Group, is expected to improve the overall business performance of the automotive sector.

"Even if Proton's turnaround is on track, the group's financial performance for the current fiscal year ending March 31, 2019 should continue to be dampened by Proton's financial performance," he said. declared.