After years in the doldrums, Proton Holdings Bhd., once Malaysia’s leading auto maker, unexpectedly appears to have taken a turn for the better on the road to recovery. At first glance, the evidence is encouraging. The national car company earned a net profit of 202.9 million ringgit ($62.7 million) in the recent fiscal year ended March 31, compared with a net loss of 589.5 million ringgit ($182.4 million) in the prior year. Vehicle sales in 2008 are expected to rise 20% or even more, ...

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