DRB-Hicom narrows losses on larger car gross sales

KUALA LUMPUR (Bernama) — DRB-Hicom Bhd narrowed its reduction to RM16.96 million for the initially quarter (Q1) finished March 31, 2021 in contrast to RM173.27 million loss in the exact quarter last calendar year.

Its earnings rose to RM3.51 billion when compared to RM2.74 billion earlier, it stated in a submitting with Bursa Malaysia these days.

In a assertion, it mentioned models below DRB-Hicom automotive sector including Proton, Honda, Mitsubishi, Volkswagen and Isuzu chalked up far better gross sales in March vs . February 2021.

“The income tax holiday for passenger auto buys that was extended to June 2021 enabled the group’s automotive brand names to internet a earnings really worth RM2.58 billion in Q1 (Q1 FY2020: RM1.81 billion),” it mentioned.

As for the services sector, the revenue of RM863.7 million in Q1 FY2021 as opposed to RM830.5 million in Q1 FY2020 was boosted by the general performance of postal and logistics as well as banking subsidiaries.

“For the homes sector, revenue was RM69.7 million (Q1 FY2020: RM93.3 million), with decreased billings as fewer than comprehensive-swing building tasks influence the revenue,” it added.

DRB-HICOM noted that the automotive sector stays the core enterprise of the group with Proton revenue beginning in 2021 continuing the sturdy momentum with sales volume of 15,017 units in April 2021, the finest every month sales determine considering the fact that 2013.

“This upward momentum is contributed by top rated offering products namely Proton Saga followed by the two SUVs, Proton X70 and the newer Proton X50,” it stated.