Hong Leong Industries Q2 net profit slips

PETALING JAYA: Hong Leong Industries Bhd’s net profit for the second quarter ended Dec 31, 2016 fell 7.52% to RM68.67 million from RM74.25 million a year ago due to higher operating expenses and higher foreign exchange loss from the consumer products segment.

In a filing with Bursa Malaysia yesterday, the group said its operating expenses for the quarter totalled RM47.48 million compared with RM44.23 million a year ago.

Revenue for the quarter rose 3.43% to RM561.53 million from RM542.88 million a year ago.

For the six months ended Dec 31, 2016, net profit rose 12.06% to RM133.43 million from RM119.08 million a year ago while revenue rose 6.15% to RM1.13 billion from RM1.06 billion a year ago.

The higher net profit was mainly due to higher profit contribution from an associated company.