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.