PETALING JAYA: DRB-Hicom Bhd’s net loss for its second quarter ended June 30, 2021 narrowed by 28.9% to RM217.5 million from RM306.08 million in the same quarter of the previous year, attributed to better performance by Proton, and automotive distribution, manufacturing and engineering segments as well as an improved marked-to-market impact from derivatives contracts despite lower results from its services companies.
Revenue for the quarter improved by 30.8% to RM2.62 billion from RM2 billion previously.
According to the group, despite pressure on sales from the various movement control orders, its automotive sector revenue increased 52% in the first half of the year to RM4.35 billion from RM2.87 billion previously.
Its services sector revenue fell 2.4% to RM1.66 billion in the first half while, its properties sector fell 27.7% to RM124.57 million as it had exited the retail property and hospitality business last year.
Moving forward, DRB-Hicom stated it remains cautious of its performance for the financial year ending Dec 31, 2021 given the heightened uncertainties over the full economic impact of the prolonged Covid-19 pandemic.
In the first six months ended June 30, 2021, the group’s net loss was reduced by 51.1% to RM234.46 million from RM479.36 million in the year before.
Revenue for the half-year period improved 29.4% to RM6.13 billion from RM4.74 billion previously.