ID :
27711
Fri, 10/31/2008 - 10:49
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https://oananews.org//node/27711
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PROTON CHALKS UP RM162.2 MIL PROFIT - DPM
KUALA LUMPUR, Oct 31 (Bernama) -- Proton, Malaysia's national car company, recorded RM162.2 million (US$45.5 million) profit for financial year ended March 31 2008, up RM780 million (US$219 million)from the losses incurred in the previous financial year, the Dewan Rakyat (Lower House of Parliament) was told Thursday.
Deputy Prime Minister Najib Razak said the profit was the result of the more effective internal management changes and business initiatives taken that
would yield long-term positive impact.
"Proton's real loss in the financial year ended March 31 2007 was RM618.1
million (US$173.7) primarily caused by 40 percent drop in car sales to 110,358
units in the 2006/2007 financial year from 183,824 units in the previous
financial year.
"The drop was due to the very competitive market environment and low value
for used cars affected prospects to buy new cars," said Najib, who is also
Finance Minister, in his written reply to another Member of Parliament Wee Choo
Keong.
Najib said the special subsidy or incentives received by Proton were not
something exclusive for the national car manufacturer alone.
Similar incentives were also given to all assemblers or manufacturers of
completely-knocked-down cars, he said.
"For instance, the government gives excise duty reduction incentive via the
industry networking programme as stipulated in the National Automotive Policy
depending on the total investment made by a company in the country," he said.
Najib said several taxation incentives enjoyed by Proton were also extended
to the automotive industry last year.
They include RM89.7 million in reinvestment allowance, RM12.3 million for
double deduction for the promotion of export and RM6 million for double
deduction for insurance premium, he added. (US$1=3.5)
-- BERNAMA
Deputy Prime Minister Najib Razak said the profit was the result of the more effective internal management changes and business initiatives taken that
would yield long-term positive impact.
"Proton's real loss in the financial year ended March 31 2007 was RM618.1
million (US$173.7) primarily caused by 40 percent drop in car sales to 110,358
units in the 2006/2007 financial year from 183,824 units in the previous
financial year.
"The drop was due to the very competitive market environment and low value
for used cars affected prospects to buy new cars," said Najib, who is also
Finance Minister, in his written reply to another Member of Parliament Wee Choo
Keong.
Najib said the special subsidy or incentives received by Proton were not
something exclusive for the national car manufacturer alone.
Similar incentives were also given to all assemblers or manufacturers of
completely-knocked-down cars, he said.
"For instance, the government gives excise duty reduction incentive via the
industry networking programme as stipulated in the National Automotive Policy
depending on the total investment made by a company in the country," he said.
Najib said several taxation incentives enjoyed by Proton were also extended
to the automotive industry last year.
They include RM89.7 million in reinvestment allowance, RM12.3 million for
double deduction for the promotion of export and RM6 million for double
deduction for insurance premium, he added. (US$1=3.5)
-- BERNAMA
