Proton Bounce Into Profit In Fourth Quarter

National carmaker Proton Malaysia announced Wednesday it swung into the black position for the fourth quarter ended in March increased demand as the country emerged from recession.


Kuala Lumpur (Finroll) - Proton, said net income for the three months to end March was 22.8 million ringgit (6.87 million), compared to a loss of 323 million ringgit in the same period last year.

Crown corporation is also looking at higher incomes, to 2.26 billion ringgit, compared to 1.40 billion ringgit a year earlier, Proton said in a statement.

"Although there is abundant petition for Saga, Persona and Exor (Model), the performance of Proton was also positive in the fourth quarter by higher sales volume as a whole," said the head of Proton Mohamad Mohamad Nadzmi Salleh.

"This reflects directly on the recovery of the Malaysian financial crisis and economic crisis."

Proton was formed 25 years ago as part of an ambitious national plan of industrialization, but its market share has declined in recent years. Proton has suffered a reputation for imaginative designs and poor quality control have left against the Japanese and European competitors.

The company said it expected to introduce new models in 2010 and are optimistic about the growing market share, currently at 28 percent.

For the full year, Proton posted a net profit of 239.1 million ringgit against a loss of 301.8 million years past ringgit.

Malaysia recorded a growth of 10.1 per cent in the first quarter, the largest increase in ten years. The Prime Minister Najib Razak said earlier this month, the country was on track for full year growth of six percent.