For the fourth quarter ended March 31, the national carmaker reported a net profit of RM236.4mil, mainly attributed to higher sales of its popular models, operational improvements and a research and development (R&D) grant from the Government under the National Automotive Policy.
For the full year, the company made a net profit of RM202.9mil, or 36.9 sen a share, compared with a loss of RM589.5mil, or 107.3 sen a share, previously.
Excluding the RM194mil R&D grant, a RM44mil tax write-back and RM32mil income generated from the sale of intellectual property rights in the China market, Proton would have reported a loss of RM67mil for FY08, Hwang-DBS Vickers said.
“Proton surprised the market by posting a net profit of RM236.4mil, driven by exceptional items. Operationally, it remained in the red,” added Aseambankers.