Proton posted a net profit of RM202.9 million for the fiscal year ended March 31, rebounding from a loss of RM589.5 million the previous year, thanks to improved sales.

Analysts have said the profit was largely due to a government research and development grant of RM194 million and previous years’ tax overprovisions, which were lumped under income.

Stripping these out, Proton would have made an operating net loss of RM32 million for the year, they said.

[ Source ]

Ah ha! Just like what MAS did when they lumped sales of their physical premises, one-time revenue, into their account books. Thus giving the impression of a profitable run to the unsuspecting citizens.

Be wary of GLCs’ published numbers. The numbers, especially those in the black, are often published to gain publicity and media mileage than the naked truth. Hiding behind those impressive numbers are usually government infused funds, bailouts or assets sold. Very misleading facts to rely on when judging how these GLCs perform.