Proton, Tan Chong dip on weaker sales outlook

PROTON HOLDINGS BHD and TAN CHONG MOTOR HOLDINGS BHD shares retreated on Friday, July 15 after Frost & Sullivan cut its vehicles sales projection for 2011. At 9.40am, Proton was down five sen to RM3.16 while Tan Chong fell six sen to RM4.82.

Frost & Sullivan on July 14 said vehicles sales in Malaysia will dip to 615,900 units in 2011 from the earlier projected 623,000 units due to supply chain disruptions from the impact of the March 11 Japan earthquake.
It said that TIV for 2011 would be impacted due to production slowdown and delay in key models launches by automakers.