KUALA LUMPUR: DRB-HICOM Bhd expects its outlook to be "satisfactory" this year despite numerous challenges posed to the economy.
The group had a mixed results for the first quarter ended March 31 2024 with net profit easing to RM91.5 million from RM107.9 million for the same quarter last year.
Group revenue, however, was higher at RM4.33 billion compared to RM4.10 billion in the same quarter last year on the back of higher sales volume, as well as better profit from the property and banking sector.
DRB-HICOM did not declare any dividend for the financial period under review.
In a note to Bursa Malaysia, the automotive manufacturer said it expanded its research and development capabilities by furthering its collaboration with Zhejiang Geely Holding Ltd.
In its banking sector, the group said it will continue to progress in its digital transformation while enhancing customer experience.
"Other sectors under the group, namely aerospace and defence, services and properties continue to maintain a proactive approach to cost management in ensuring resilience against prevailing market risks," DRB-HICOM said.