KUALA LUMPUR (Feb 25): Automotive maker DRB-Hicom Bhd swung into the red with a net loss of RM185.32 million in its third quarter ended Dec 31, 2015 (3QFY15), compared with a net profit of RM9.47 million a year ago, dragged mainly by weaker performance in its automotive segment.

Revenue slipped 5.46% to RM3.34 billion compared with RM3.53 billion in 3QFY14, due to lower sales recorded by all business sectors of the group, its bourse filing today showed.

As such, the group registered a loss per share of 9.58 sen for the quarter against 0.49 sen earnings per share in 3QFY14.

For the cumulative nine months (9MFY15), the group registered a net loss of RM201.14 million, compared with a net profit of RM210.4 million in 9MFY14.

Revenue for 9MFY15 also narrowed to RM9.54 billion from RM10.48 billion in the previous year.

"The unfavourable financial results for the current quarter and financial period [were] mainly caused by the weaker performance of the group's automotive business.

"This was due to stiff market competition, expenses related to aggressive promotion and sales campaigns as well as weak consumer sentiments," DRB-Hicom said in the filing.

In a separate statement, DRB-Hicom said it will continue to focus on cost management and undertake initiatives to further improve operational efficiencies and effectiveness to strengthen the group's resilience in navigating through current business environment.

"Further, the group will intensify efforts to improve the performance of its automotive sector through introduction of new models and continuously improving the quality of its products and services," it added.

The group will also seek to consolidate and strengthen its integrated logistics services business to tap into the growth of the e-commerce transactions.

"Logistics is expected to be a new growth driver of the group as it is well positioned to take advantage of its holistic logistics eco-system in light of the anticipated industry growth, which will at the same time enable the group to mitigate the margin compression from the increasingly competitive automotive sector," DRB-Hicom said.

Shares in DRB-Hicom closed 1 sen or 0.98% lower at RM1.01 for a market capitalisation of RM1.97 billion.