'F1 foray' named as Lotus owner slumps

By on Tuesday, March 1, 2011

Mar.1 (GMM) Proton, the owner of Renault's new title sponsor Group Lotus, has recorded big losses and a slumping share price, according to reports in the Malaysian press.

And automotive analysts OSK Research projected more of the same in the future due to "branding and marketing costs" incurred by Proton's "F1 foray", a report in the Star newspaper read.

Proton advisor Dr Mahathir Mohamad, the former Malaysian prime minister, also acknowledged the Lotus factor in the figures.

"(Proton is) actually profitable but its profit has been trimmed because of the losses incurred by Lotus," he is quoted by the Bernama news agency.

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