Tuesday, November 29, 2011

Proton H1 profit dips on Lotus' expenses

Proton Holdings Bhd recorded a lower pre-tax profit of RM47.524 million for the six months ended September 30, 2011 versus RM185.914 million chalked up in the corresponding quarter last year.

Revenue dwindled to RM4.496 billion, during the period under review, from RM4.530 billion raked in previously.

"The lower profit is largely attributed to higher expenses incurred by Lotus Group International Ltd, which is in line with Proton's effort to achieve Lotus's long-term business transformation plan," the national automaker said in a filing to Bursa Malaysia today.

Meanwhile, Proton said in statement today that Lotus has received orders for more than 300 vehicles since opening its first showroom in China. -- Bernama