DRB-Hicom sees better performance in FY22

PETALING JAYA: DRB-Hicom Bhd anticipates the performance of its current financial year ending Dec 31, 2022 to be better than last year.

In a filing with Bursa Malaysia yesterday, the group reported a net profit of RM143.95mil for its third quarter ended Sept 30, 2022, compared with a net loss of RM179.44mil a year earlier.

Revenue grew to RM4.5bil from RM2.12bil a year earlier, while basic earnings per share stood at 7.45 sen compared with a loss per share of 9.28 previously.

DRB-Hicom said the higher revenue was mainly attributed to the improved sales from Proton vehicles as well as higher revenue from manufacturing and engineering and automotive distribution companies.

“In the corresponding quarter, revenue for July and August was significantly affected by the lockdown and restriction of business activities under Phase 1 and 2 of the National Recovery Plan.”

DRB-Hicom said its aerospace and defence sector recorded improved revenue mainly due to higher delivery of single-aisle aircraft parts and resumption of delivery of certain aircraft parts, following the reopening of international flights as well as defence products.

“The postal sector recorded lower revenue mainly due to the decline in courier business following the decrease in overall parcel volume, especially from contract customers.”

For the nine-month period ended Sept 30, 2022, DRB-Hicom reported a net profit of RM287.77mil, compared with a net loss of RM413.89mil a year earlier. Meanwhile, revenue grew to RM11.16bil from RM8.25bil in the previous corresponding period.

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