KUALA LUMPUR: PROTON HOLDINGS BHD [] saw its earnings decline 19.6% to RM65.92 million in the second quarter ended Sept 30, 2010 from RM82.06 million a year ago, due to  one-off provision for stock obsolescence and branding cost.

It said on Thursday, Nov 25 revenue was 6.6% higher at RM2.24 billion compared with RM2.10 billion. Earnings per share were 12 sen compared with 14.9 sen. Its net asset per share was RM9.83.

Group profit before tax was RM81.26 million, a decline of 19% from RM100.65 million a year ago.

The pre-tax profit in 2Q declined from RM105 million in 1Q ended June 30, 2010 due to  one-off provision for stock obsolescence and branding cost incurred by a principal subsidiary.