KUALA LUMPUR: DRB-Hicom Bhd (DRB-Hicom Group) trimmed its pre-tax loss for the financial year ended March 31, 2017 to RM222.18 million compared to RM822.13 million the previous year.
In a statement today, the group said it managed to keep a similar revenue level during the year, coming in at RM12.06 billion against RM12.17 billion previously.
On prospects, the group's overall businesses in automotive, services and property are expected to improve in line with the economic growth.
Malaysia's economy charted a Gross Domestic Product growth of 5.6 per cent in the first quarter of 2017, boosted by strong domestic demand, higher private sector investment, improved net exports and stabilisation of the ringgit.
Key businesses such as logistics and aviation would be the key growth drivers for the group, while rapid expansion in e-commerce is expected to chalk an upward trajectory for postal and logistics businesses undertaken by Pos Malaysia group, said DRB-Hicom.
"In addition, on the back of increasing demand for aircraft, the Group's composite manufacturing business undertaken by Composite Technology Research Malaysia Sdn Bhd is expected to strengthen further, supported by a strong order book," it added.
DRB-Hicom recently signed a Heads of Agreement with Chinese automaker Zhejiang Geely Holding Group Co Ltd (Geely) for it to acquire a 49.90 per cent equity in Proton Holdings Bhd.
The deal will enable Proton to tap into Geely's vast range of platforms and powertrains, and also enable it to have access beyond the domestic, as well as right-hand drive markets in South-East Asia.
The proposed joint venture is expected to create business synergies and opportunities for the group in the automotive sector.
A definitive agreement between both parties is expected to be signed in the third quarter of 2017.
"As the national economy continues to gain momentum, the Group's performance for the financial year ending March 31, 2018 is expected to improve accordingly," said DRB-Hicom. - BERNAMA