Sunday, August 2, 2015

Proton paid off Group Lotus £203.81 million debt.

In todays online edition of the EDGE

This year Abdul Harith expects Lotus to have a positive operating cashflow, with an aim to break even in FY16...
Lotus group currently has zero borrowing as all of its debts, which amounted to £203.81 million (RM 1.22 billion) was settled by Proton last year.
(This was on page 8).

The article refers to the Lotus SUV Project in Fujian province China.
 So Lotus is once again debt free. Proton did a similar thing when Mike Kimberley was CEO.

DRB Hicom, Proton's owner appear to be in for the long haul.

Hopefully, things will turnaround commercially for Group Lotus in the not to distant future.

Incidentally, the same article the investment in China is quoted as 10billion yuan (RM6.16 billion) over £1 billion at todays exchange rate.

I don't have any comment really, other than Group Lotus appear to have a really poor commercial history!

I wish them all the best.

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