Lotus finishes 2016/17 financial year on a positive note

Lotus finishes 2016/17 financial year on a positive note

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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Gerard Lye

Originating from the corporate world with a background in finance and economics, Gerard’s strong love for cars led him to take the plunge into the automotive media industry. It was only then did he realise that there are more things to a car than just horsepower count.

 

Comments

  • Mr Syukur Selalu on Aug 11, 2017 at 4:25 pm

    Syukur!!
    Lotus Geely > all

    Like or Dislike: Thumb up 11 Thumb down 2
    • tokmoh. on Aug 11, 2017 at 11:40 pm

      Ah i see you’re a man of culture as well.

      Lotus’ counterattack has only just begun! What a day, what a lovely day!

      Like or Dislike: Thumb up 5 Thumb down 1
  • Dug Ong on Aug 11, 2017 at 5:00 pm

    Good job proton.

    Like or Dislike: Thumb up 10 Thumb down 5
  • Tenkiu P1 team for belip in Jean-Marc Gales.

    Like or Dislike: Thumb up 8 Thumb down 1
  • Somebody on Aug 11, 2017 at 5:47 pm

    ‘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’.

    Like or Dislike: Thumb up 1 Thumb down 6
    • Gerard Lye (Member) on Aug 11, 2017 at 5:53 pm

      Thank you for the spot.

      Like or Dislike: Thumb up 0 Thumb down 3
    • tokmoh. on Aug 11, 2017 at 11:20 pm

      >profit before tax
      >£(11.2)mil loss

      It’s called loss before tax, Gerard -_-

      All the accountants reading this : that post gave me cancer.

      Like or Dislike: Thumb up 2 Thumb down 2
    • tokmoh. on Aug 11, 2017 at 11:26 pm

      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).

      Like or Dislike: Thumb up 3 Thumb down 1
    • Colin Wong on Aug 12, 2017 at 10:53 am

      Profit before tax (PBT) is an accounting term and covers losses too. Just explaining.

      Like or Dislike: Thumb up 0 Thumb down 1
  • Holofanboi on Aug 11, 2017 at 7:03 pm

    ‘With fresh’

    With fresh what? Article has two random words at the end of article o.O

    Like or Dislike: Thumb up 0 Thumb down 1
  • Sang Wira Wan Utama on Aug 11, 2017 at 7:28 pm

    Thank you Brits got rich

    Like or Dislike: Thumb up 2 Thumb down 3
  • Lee Kum Kee on Aug 11, 2017 at 7:56 pm

    Good news for Li Shufu.

    Like or Dislike: Thumb up 1 Thumb down 1
  • nazri on Aug 12, 2017 at 4:56 am

    how can profit higher than earnings?

    Like or Dislike: Thumb up 0 Thumb down 1
    • tokmoh. on Aug 12, 2017 at 8:17 pm

      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.

      Like or Dislike: Thumb up 0 Thumb down 1
  • Garu kepala top management proton. Nyesal jual 51% share

    Like or Dislike: Thumb up 0 Thumb down 1
 

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