KUALA LUMPUR, May 27 (Reuters) - Malaysia's top carmaker Perusahaan Otomobil Nasional Bhd announced plans for a major reorganisation on Tuesday, while posting a 1.8 percent rise in earnings in fiscal 2003, beating a market consensus forecast.
The state-controlled maker of Proton cars said in a statement it would establish a new investment holding company to take over its listing status.
"The proposed group reorganisation represents a strategic step forward to transform Proton from a manufacturer of vehicles to provide a whole new suite of products and services with an expanding and diversifying business model," the company said.
The state-controlled maker of Proton cars has around a 60 percent share of Malaysia's car market. Government-linked investors hold a 49 percent stake in the company and Japan's Mitsubishi has a 15.9 percent stake.
Proton said existing shareholders could exchange their shares on a one-for-one basis for shares in the new company. Net profits were 1.14 billion ringgit ($299 million), or 2.07 ringgit per share, in the year ended March 31.
Last year, net profits were 1.12 billion ringgit, also 2.07 ringgit per share.
The fiscal 2003 results beat Reuters Research's net profit consensus forecast of 952 mln ringgit or 174.2 cents earnings a share. The Proton share closed at 7.35 ringgit on Tuesday, up four cents from Monday.