Proton stock up on likely profit
Proton Holdings Bhd, Malaysia's state-owned carmaker, rose the most in more than five months in Kuala Lumpur trading after saying new models may help it return to profit.
The stock climbed as much 6.1 percent to 3.82 ringgit and traded at 3.76 ringgit at 12:29 pm. Chief Executive Officer Zainal Abidin Syed Mohd Tahir said on Friday there are "encouraging signs" Proton will be profitable in the 12 months ending March 31.
The carmaker last week posted its first profit in six quarters as the new Persona sedan helped trigger the first quarterly sales rise in almost two years. Malaysia's government last month broke off partnership talks with Volkswagen AG and General Motors Corp, saying Proton was recovering.
Net income was 3.51 million ringgit ($1.04 million) in the three months ended September 30, compared with a loss of 250.3 million ringgit a year earlier, Proton said on Friday. Sales rose 2.5 percent to 1.31 billion ringgit.
Bloomberg News
(China Daily 12/04/2007 page16)
