Proton's profit beats forecast

Proton's profit beats forecast

KUALA LUMPUR (Reuters): Malaysian national carmaker Perusahaan Otomobil Nasional Bhd's (Proton) earnings in fiscal 2001 grew more than four-fold, boosted by brisk sales of its latest Waja model and contributions from its retailing arm.

Net profit rose to 297.65 million ringgit (US$78.3 million), or 54.85 cents a share, in the year ended March 31, 2001 from 70.59 million ringgit, or 13.01 cents, a year earlier -- well above analyst expectations.

A Reuters poll of five analysts had showed an average net profit forecast of 156.3 million ringgit, or 28.8 cents a share. Proton, the country's largest carmaker, said sales increased by 15 percent to 195,228 units in financial year 2001 from 170,296 units in the previous year.

"This increase and the sales of the new Waja model had resulted in a significant increase in the company's profit," it said in a statement to the Kuala Lumpur Stock Exchange late on Friday.