Hong Leong Asia sunk to a net loss of $16.5 million for the 1Q ended March from earnings of $4.7 million a year ago.
The loss was largely due to continuing losses incurred by the consumer products unit Xinfei which saw declining revenue and margins. Profits from other business units of the group also ended lower and were not sufficient to offset the loss incurred by Xinfei.
Revenue for the quarter was 12.6% lower at $948.5 million due to lower revenue from most business units except the air-conditioning systems unit Airwell.
Hong Leong Asia said: “In view of the challenging business environment and uncertain economy in China, the group expects that the performance of its business units based in China will continue to be weak in 2Q2016.”
Shares of Hong Leong Asia closed 1.36% higher at 74 cents.
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The loss was largely due to continuing losses incurred by the consumer products unit Xinfei which saw declining revenue and margins. Profits from other business units of the group also ended lower and were not sufficient to offset the loss incurred by Xinfei.
Revenue for the quarter was 12.6% lower at $948.5 million due to lower revenue from most business units except the air-conditioning systems unit Airwell.
Hong Leong Asia said: “In view of the challenging business environment and uncertain economy in China, the group expects that the performance of its business units based in China will continue to be weak in 2Q2016.”
Shares of Hong Leong Asia closed 1.36% higher at 74 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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