PETALING JAYA: Research analysts have downgraded Proton Holdings Bhd's shares following its dismal first-quarter earnings and reckon its subsidiary Group Lotus will continue to be a drag on the the carmaker's profits in the near term.
Last Friday, Proton posted a 94.6% year-on-year drop in net profit to RM4.55mil for its first quarter ended June 30, compared with a net profit of RM84.68mil a year earlier.
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