Lotus Turnaround Within Two Or Three Years - Nadzmi

[Mark H]

KUALA LUMPUR, Aug 20 (Bernama) -- Lotus Group International Ltd, which was acquired in 1994 following the bankruptcy of its former owner, Bugatti, could be turned around within two or three years.

 

Proton Holdings Bhd chairman, Datuk Mohd Nadzmi Mohd Salleh, said companies like Bentley and Aston Martin also took two to three years to turn around when both were struggling with financial problems.

 

"I think it can be turned around, but we have to bring in people, reorganise ourselves and redefine the product," he told reporters at the Perdana Leadership Foundation's Industry Insights Seminar 2009 here on Thursday.

 

He said pure economic theory alone cannot solve the problem, it must always combined economics and marketing.

 

Lotus Group International Ltd and its subsidiary companies, Group Lotus plc and Lotus Cars Ltd, are wholly-owned by Proton.

 

Meanwhile, Mohd Nadzmi said Proton would continue its effort to produce cars that would be acceptable in terms of price and quality not only for local market but also overseas.

 

He said the company planned to design a car with the specifications to accommodate a greater market to retain customer loyalty.

 

"Don't expect people to use or buy the same car after five years," he said.

 

Mohd Nadzmi said the company did not rule out the possibility of having a strategic alliance or partnership in future.

 

Proton's pre-tax profit for the first quarter ended June 30, 2009 rose by 9.7 percent to RM64.379 million from RM58.700 million in the same quarter last year.

 

Revenue rose by eight percent to RM1.852 billion from RM1.708 billion previously.

 

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