KUALA LUMPUR (Feb 28): DRB-Hicom Bhd reported a net profit of RM73.02 million in its third quarter ended Dec 31, 2018 (3QFY19) against a net loss of RM70.03 million a year ago, on the back of improved revenue from better Proton sales.

In the quarter under review, revenue rose 9.3% to RM3.17 billion versus RM2.9 billion a year ago, due to higher automotive sales and higher contribution from its banking and waste management businesses but partially offset by lower contribution from the property sector, the group said in a bourse filing.

For the cumulative nine months, DRB-Hicom posted a net loss of RM5 million against a net profit of RM489.77 million a year earlier, because of the disposal of the Lotus car marque in September 2017.

Cumulative revenue slipped 2.8% to RM9.01 billion versus RM9.27 billion a year ago.

In the third quarter, the automotive segment saw a 22% rise in revenue due to higher automotive sales plus a higher percentage of completion of AV 8x8 project military vehicles by DRB-Hicom Defence Technologies Sdn Bhd.

For the nine-month period, the automotive segment saw revenue coming in lower against the same period a year ago, at RM5.28 billion versus 5.30 billion in 9MFY18, when the Lotus marque was sold in September 2017.

The group's services segment also posted higher revenue of RM3.37 billion compared with RM3.27 billion previously on the back of improved performance at the banking and waste management businesses.

Property disappointed, posting RM365 million in revenue versus RM692 million in 9MFY18.

In a media statement, DRB-Hicom said it expects operating results for its financial year ending March 31, 2019 (FY19) to be an improvement over the previous year excluding exceptional items.

It said since its debut on Dec 12, 2018, Proton has to date delivered over 7,000 units of the X70, from approximately 18,000 bookings.

"At the sales networks, adoption of global standards has ensured a more customer-oriented delivery process," it added.

DRB-Hicom fell five sen or 2.6% to close at RM1.85, valuing the company at RM3.58 billion.