DRB-HICOM Bhd (1619), one of the automotive groups here affected by the global economic slowdown last year, expects to rebound in 2010, riding on a recovering economy and improved spending base.
Its group managing director Datuk Seri Mohd Khamil Jamil said based on its first quarter performance, the group has performed beyond expectation and is on track to hit or surpass its RM6.8 billion revenue target in the financial year ending March 2011.
"This is due to an improving economy, which has spurred spending activities and has a positive impact on DRB-HICOM's business which is mainly consumer-based.
"The improved performance is also due to various innovative and progressive developments carried out by DRB-HICOM," Mohd Khamil told reporters at the company's headquarters in Selangor after launching its own RM31.6 million automotive college yesterday.
The country's largest integrated automotive group posted a revenue of RM6.3 billion for the financial year ended March 2010, compared with RM6.1 billion a year ago.
The group registered a lower net profit of RM472.2 million in 2010 compared with RM660.5 million in 2009. The group is expected to announce its first quarter results ended June 2010 by the end of this month.
The group, which imports, manufactures, assembles and distributes various marques, derives 60 per cent of its revenue from the automotive sector, 38 per cent from financial services (Islamic banking, insurance) and 38 per cent from others (property).
Automotive makes under its stable include Audi, Mitsubishi, Honda, Mercedes Benz, Mahindra, Isuzu, Modenas motorcycle as well as the Adnan battle tanks for the armed forces.
Mohd Khamil said the country's largest International College of Automotive, situated within its automotive complex in Pekan, Pahang, will play a major role in serving the needs of the automotive industry.
He said DRB-HICOM set up the campus to overcome the lack of skilled workers in the industry, which could get worse if demand for skilled workers for the industry is not heeded.
The college is unique compared with other automotive learning institutions as DRB-HICOM knows the requirements needed in the automotive industry, said Mohd Khamil.
The college opened its doors to the first batch of 75 students in March this year and offers three diploma courses - automotive management systems, vehicle assembly management and vehicle inspection for a three-year fee of RM48,000.
By Zaidi Isham Ismail
Business Times
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