DRB-Hicom turns black in Q1 with RM46.21m net profit

DRB-Hicom’s year-on-year improvement was derived mainly from improved sales in the automotive sector. — Picture by Shafwan Zaidon
DRB-Hicom’s year-on-year improvement was derived mainly from improved sales in the automotive sector. — Picture by Shafwan Zaidon

KUALA LUMPUR, Aug 23 — DRB-Hicom Bhd returned to the black with a net profit of RM46.21 million in the first quarter (Q1) ended June 30, 2019 after having chalked up a net loss of RM66.60 million in the same period last year.

Revenue jumped 29.5 per cent to RM3.44 billion from RM2.65 billion previously, it said in a filing with Bursa Malaysia.

The year-on-year (y-o-y) improvement was derived mainly from improved sales in the automotive sector.

Its automotive sector revenue recorded a 59.2 per cent jump y-o-y to RM2.23 billion, as Proton’s various launches of facelifted models, as well as promotions by other marques in the group’s stable boosted sales.

Overall, up to July 2019, it said Proton has delivered 52,108 units of vehicles in calendar year 2019, compared to the 35,561 units it sold in the same period in 2018.

DRB-Hicom’s revenue for the services sector remained flat at RM1.09 billion, while the properties sector revenue was lower with construction-related projects at various stages of progress.

Meanwhile, Pos Malaysia’s businesses continue to operate in a competitive environment affected by price and cost challenges, but efforts are on-going to address the issues.

“The group’s other businesses in defence, banking, postal and logistics, concession and property will continue its momentum in achieving a sustainable business model amidst a challenging market.

“The group expects to achieve a satisfactory performance for the current financial year ending Dec 31, 2019,” DRB-Hicom said.

As announced in July, DRB-Hicom will operate a nine-month financial year in 2019 following its decision to move its fiscal year-end from March to December. — Bernama

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