Hong Leong Asia FY2016 loss deepens 17% to S$71.3m

HONG Leong Asia, the trade and industry arm of Hong Leong Group, on Tuesday posted a 17.3 per cent deepening of net loss to S$71.3 million for the full year ended Dec 31, 2016 (FY2016), from S$60.7 million a year ago.

Revenue fell by 8.8 per cent year on year from S$4.08 billion to S$3.72 billion, due mainly to slowing economic growth in China which affected Yuchai and Xinfei, the company said.

Loss per share came up to 19.05 Singapore cents for FY2016, versus 16.24 cents in the previous year.

Hong Leong Asia has proposed a first and final dividend of one Singapore cent for the period.

The company said that it expects the performance of its business units to be weak in the first half of 2017, citing a challenging global business environment, marked by slower economic growth in China and the region.