Proton has posted it’s fourth straight quarterly loss amounting to RM11.8 million (pre-tax) for the first three months of 2007, compared to a profit of RM129.9 million ringgit during the first three months of 2006.
For the full fiscal year of 2006, Proton has lost a total of RM619.9 million ringgit (pre-tax), compared to a net profit of RM46.7 million ringgit during the 2005 period. Revenue for 2006 dropped 37% to RM4.92 billion.
Proton says this is because of weak sales, which plummetted 40% down from 183,824 units to 110,358 units, however it has measures in place to try to improve sales with two more new models to be launched this year. Proton says these two cars are potentially high volume cars, which will give Proton it’s much-needed sales boost.
In the exports department, Proton exported 20,595 during the 2006 financial year, almost double from the 12,526 units in the previous financial year.
“They have to turn around. They cannot be going on making losses. They have to do whatever they think is necessary. I have decided, since Volkswagen is not interested in the proposal that Proton wants in terms of equity, Proton needs to talk to other people,” commented our Prime Minister Datuk Seri Abdullah Ahmad Badawi, giving more weight to the previous news that Volkswagen has decided to locate it’s plant in Indonesia.
Speaking of Indonesia, Proton Holdings Bhd and Tracoma Holdings Bhd has extended their acquisition exercise, giving more time for Proton to acquire PT Proton Tracoma Motors at RM340 million.
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AI-generated Summary ✨
Comments on the blog post reveal widespread disappointment with Proton's financial losses in 2006, highlighting poor sales, outdated models, and incompetence in management. Many believe Proton is losing market share both locally and internationally, facing stiff competition from Chinese, Korean, and Japanese automakers. There is strong criticism of government support and the ineffective strategies that have failed to turn the company around, with suggestions for bankruptcy, privatization, or closure. Several comments point to poor quality, high prices, and lack of innovation as key issues contributing to losses, while others propose alternative collaborations or management changes. Overall, the sentiments are negative, with many perceiving Proton as a sinking entity and calling for urgent reforms or liquidation.