DRB-Hicom reduces losses by 58% in 4Q
 

http://img-s-msn-com.akamaized.net/t...6&q=60&o=f&l=fKUALA LUMPUR: DRB-Hicom Bhd?s net loss narrowed 58% to RM328.45 million for the fourth financial quarter ended March 31, 2017 (4QFY17), compared with RM790.76 million a year ago, as revenue jumped 32% to RM3.48 billion from RM2.63 billion. In a Bursa Malaysia filing, the conglomerate, which last week sealed a deal to sell a 49.9% stake in Proton Holdings Bhd, said the better revenue was due to higher sales by all its business sectors. For FY17, net loss declined 54% to RM454.4 million from RM992.76 million in FY16. Annual revenue was slightly lower at RM12.06 billion from RM12.17 billion, due to lower sales of motor vehicles and lower percentage of completion of the AV8 project, though this was partly mitigated by higher contributions from the service division, and the property, asset and construction division. DRB-Hicom said its bottom line benefited from a gain on disposal of Corwin Holding Pte Ltd, lower losses incurred by Proton, and higher profit contribution from the services sector. **tably, Pos Malaysia Bhd was a major boost as it became a subsidiary of DRB-Hicom in FY17. Going forward, it said Pos Malaysia?s logistics and aviation businesses will be key growth drivers of the group, with e-commerce expected to further boost earnings. DRB-Hicom?s aviation business, under Composite Tech**logy Research Malaysia Sdn Bhd should also grow further, in line with robust demand for aircraft worldwide. Meanwhile, the group said the definitive agreement to be signed between DRB-Hicom and Zhejiang Geely Holding Group Co Ltd, which will see the Chinese carmaker buy 49.9% equity in Proton, is expected to create business synergies and opportunities for the group in the automotive sector. ?As the eco**mic activities continue to gain momentum, the group?s performance for FY18 is expected to improve accordingly,? said the group.

أكثر...