DRB-HICOM BERHAD’S REVENUE ROSE BY 129% FOR FINANCIAL PERIOD ENDED 30 SEPTEMBER 2012
Shah Alam, 29 November 2012 – DRB-HICOM Berhad (‘DRB-HICOM’ or the “Group”) today reported its financial result for the period ended 30 September 2012 with an increase in Group Revenue to RM7.00 billion from RM3.06 billion in the corresponding period ended 30 September 2011. The Group’s 129% rise in revenue was mainly attributable to the inclusion of sales revenue of PROTON Holdings Berhad (“PROTON”).
However, the additional finance cost due to new borrowings taken for the acquisition of PROTON and lower profit contribution from the automotive sector had resulted in a 16% dip in Group pre-tax profit of RM260.58 million for the period under review compared to RM310.37 million in the corresponding period ended 30 September 2011.
Compared with the preceding quarter ended 30 June 2012, the Group recorded a higher pre-tax profit of RM162.66 million for the quarter ended 30 September 2012 from RM97.92 million, an increase of RM64.74 million. The major contributors to the increase were the better performances by subsidiary companies and higher share of results of jointly-controlled entities and associated companies.
Dato’ Sri Haji Mohd Khamil Jamil, DRB-HICOM Group Managing Director said the Group is implementing several initiatives to streamline and align the Group’s businesses, operations and investments, which include among others the business and operational rationalisation in the retail and after-sale-services of PROTON vehicles in Edaran Otomobil Nasional Berhad (“EON”) and Proton Edar Sdn Bhd.
“The Group’s disposal of its wholly-owned subsidiary HICOM Power Sdn Bhd’s businesses for RM575 million is also a step towards streamlining the Group’s businesses. The disposal which has been approved by shareholders on 26 November 2012 will reduce borrowings and interest expense for the Group,” said Dato’ Sri Haji Mohd Khamil Jamil.
“We will continuously find ways to create greater group-wide synergistic benefits towards achieving greater efficiency and cost savings, as well as strengthening the Group’s businesses,” added Dato’ Sri Haji Mohd Khamil.