Things appear to be looking up for Lotus, with the British carmaker announcing it has delivered a “radical financial turnaround,” finishing the financial year 2016/17 (FY2016/17) on a high note.
According to an official release, Lotus closed the year with positive earnings before interest, tax, depreciation and amortisation (EBITDA) of two million pounds (RM11,158,046). This is certainly a lot more promising compared to what the company endured during financial year 2015/16 (FY2015/16), where it faced a 16.3-million-pound (RM90,848,280) loss.
Even so, profit before tax was recorded as an 11.2-million-pound (RM62,405,319) loss in in FY2016/17, although this is an improvement compared to FY2015/16, which saw a loss of 41.2 million pounds (RM229,821,220). The company also recorded a profit before tax improvement of 10 million pounds (RM55,735,141) in the second half of FY2016/17, compared to the first six months of the year.
The company says it is focusing on the next stage of its business development, and aims to return to a full year profit for financial year 2017/18. It also credited the introduction of refreshed versions of its established model to this turnaround. Moving forward, Lotus is looking to launch products in new markets, including the United States, and revealed that there are 215 dealerships across the globe from just 138 in 2014.
“This is a proud moment for Lotus and to have achieved so much is testament to the hard work of all our staff. Our vastly improved profitability, together with an increase in revenue means that for the first time in many years Lotus is now a self-sufficient and sustainable business,” said Jean-Marc Gales, CEO of Group Lotus.
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Syukur!!
Lotus Geely > all
Ah i see you’re a man of culture as well.
Lotus’ counterattack has only just begun! What a day, what a lovely day!
Good job proton.
Good job proton sold Lotus alredi.
Still hv some share in it
If Lotus do well, it is because now China brains are behind its success
2016, Lotus masih milik siapa?
Tak sekolah punye buddy.. its financial report fy 2016/2017 la dei.. lotus sold out when?
Tenkiu P1 team for belip in Jean-Marc Gales.
‘Even so, profit before tax was recorded as an 11.2-million-pound (RM62,405,319) loss in in FY2016/17, although this is an improvement compared to FY2015/16, where it as a loss of 41.2 million pounds (RM229,821,220) instead.’
A minor typo just behind ‘loss’.
Thank you for the spot.
>profit before tax
>£(11.2)mil loss
It’s called loss before tax, Gerard -_-
All the accountants reading this : that post gave me cancer.
And btw, accountants don’t report FY2015/2016, 2016/2017, it’s “financial year ended 30th June 2017” (assuming the year end is in June).
Profit before tax (PBT) is an accounting term and covers losses too. Just explaining.
No. Profit is profit, loss is loss.
‘With fresh’
With fresh what? Article has two random words at the end of article o.O
Thank you Brits got rich
All profits go back to mader company.
Good news for Li Shufu.
how can profit higher than earnings?
They’re not. They’re making losses.
EBITDA £ 2 mil
Less Interest, Depreciation and Amortization £ 13.2 mil
Therefore loss after tax of £ 11.2 mil
The “profit before tax” is false, it’s a loss.
*loss before tax.
Garu kepala top management proton. Nyesal jual 51% share