DRB-HICOM Bhd’s pre-tax profit for the financial year ended March 31 (FY10) was down 15.1% to RM657.9mil from FY09 despite the increase in revenue.
But, according to DRB-HICOM, its operational profits actually jumped 115% to RM446.5mil for the year under review.
“The increase in operational profits excluded one-off exceptional gains from the disposal of estates amounting to RM211.4mil for FY10 and investment in EON Capital Bhd for RM567.5mil in FY09,” it said in a statement yesterday.
In terms of revenue, DRB-HICOM recorded a 10-year high at RM6.31bil for FY10 against RM6.1bil in FY09.
As at March 31, the group’s total assets stood at RM26bil compared with RM21.5bil a year ago while net assets per share was at RM2.37 and basic earnings per share was at 24.43 sen. Its gearing ratio was lower at 0.33 times.
Group managing director Datuk Seri Mohd Khamil Jamil said the latest result was indeed an accomplishment for the group as its businesses were mainly consumer-based, notwithstanding the rather subdued economy which dampened consumer spending.
He said this achievement was also due to the group’s foresight in preparing for the repercussions of the economic downturn as early as the 2007 US subprime crisis.
About 57% or RM3.6bil of the group’s revenue was contributed by the group’s automotive core business.
The automotive companies under its stable have done relatively well.
Honda Malaysia Sdn Bhd’s market share increased to 7.2% in 2009 against 5.8% in 2008, while Mitsubishi Motors Malaysia Sdn Bhd, Automotive Corp (M) Sdn Bhd and Suzuki Malaysia Automobile Sdn Bhd recorded sales increase of 16%, 16.5% and 13% respectively.
The group’s luxury car marque Audi, distributed by Euromobil Sdn Bhd, saw its market share increase to 5% in 2009 from 2% in 2008.
“This year we have exciting projects including an alliance with UK-based Potenza Sports Car Ltd which will see the possibility of developing and manufacturing sports cars for the local and regional markets.
“We are also negotiating with the owners of prime marques on the possibility of assembling their vehicles at our Automotive Complex in Pekan,” said Mohd Khamil.
by thestar.com.my
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