In line. Excluding EI, normalised net profit of RM248.1m was largely in line with expectations. It accounted for 96% and 95% of our full-year and market consensus respectively. 4QFY03/10 revenue improved 12.4% qoq and 61.4% yoy as total unit sales increased 6.9% qoq and 29.5% yoy and market shares increased to 28% (vs. 26% FY09). The 4QFY03/10 EI of RM53m was mainly due to a combination of R&D grant (RM99m), R&D
expenditure written off (RM118m), inventory write-down (RM59m), allowance for doubtful debt (RM22m) and reversal of provision for impairment of PPE (RM47m).
Proton Holdings Berhad : Standing Strong-27/05/2010
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