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Hong Leong Asia racks up loss in Q1

HONG Leong Asia slid into the red with a net loss of S$16.48 million for the first quarter ended March 31, 2016, versus a profit of S$4.69 million a year ago, hit by continuing losses incurred at its consumer products unit.

Revenue for the quarter was 12.6 per cent lower at S$948.52 million due to lower revenue from most business units except the air-conditioning systems unit.

Loss per share was 4.41 Singapore cents, compared to earnings per share of 1.25 Singapore cents a year ago.

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."