Proton's flexible revamp on alliances
By Eileen Ng |
August 24, 2010, Tuesday
|
Print Edition
Print Edition
MALAYSIAN national car maker Proton said yesterday it plans a revamp that will give it more flexibility to form alliances with foreign partners after reporting a 55 percent jump in quarterly profit.
The maker of the Waja and Pesona sedans and the Exora seven-seater multipurpose vehicle posted a net profit of 84.7 million ringgit (US$27 million) for the quarter through June.
Revenue rose 24 percent annually to nearly 2.3 billion ringgit thanks to stronger-than-expected car sales, which climbed 17 percent to nearly 40,000 units.
Chairman Mohamad Nadzmi Mohamad Salleh said Proton aims to set up four strategic business units as part of a restructuring to boost its operations and make it easier for the state-owned firm to tie up with foreign auto makers.
He said some parties are keen to cooperate with Proton in producing or engineering, without having to take an equity stake in Proton as "they don't want to manage the brand."
"We will be undertaking a big restructuring to be more efficient, leaner ... and to give more flexibility to form strategic alliances that don't really involve the whole group," said Managing Director Syed Zainal Syed Mohamed Tahir.
Proton refused to give more details, saying the proposal will be firmed up in the next few months and implemented in the next financial year.
The car maker returned to the black in the financial year ended March but is under pressure to bolster exports for its long-term survival. Analysts said it would need to find a global partner if it wants to survive in the long run.
The government's insistence on maintaining control over the national corporate icon has made it difficult for the car maker to seal any meaningful partnership.
It said in June Volkswagen AG declined to collaborate - the second time talks between the two have failed.
The maker of the Waja and Pesona sedans and the Exora seven-seater multipurpose vehicle posted a net profit of 84.7 million ringgit (US$27 million) for the quarter through June.
Revenue rose 24 percent annually to nearly 2.3 billion ringgit thanks to stronger-than-expected car sales, which climbed 17 percent to nearly 40,000 units.
Chairman Mohamad Nadzmi Mohamad Salleh said Proton aims to set up four strategic business units as part of a restructuring to boost its operations and make it easier for the state-owned firm to tie up with foreign auto makers.
He said some parties are keen to cooperate with Proton in producing or engineering, without having to take an equity stake in Proton as "they don't want to manage the brand."
"We will be undertaking a big restructuring to be more efficient, leaner ... and to give more flexibility to form strategic alliances that don't really involve the whole group," said Managing Director Syed Zainal Syed Mohamed Tahir.
Proton refused to give more details, saying the proposal will be firmed up in the next few months and implemented in the next financial year.
The car maker returned to the black in the financial year ended March but is under pressure to bolster exports for its long-term survival. Analysts said it would need to find a global partner if it wants to survive in the long run.
The government's insistence on maintaining control over the national corporate icon has made it difficult for the car maker to seal any meaningful partnership.
It said in June Volkswagen AG declined to collaborate - the second time talks between the two have failed.
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