Hong Leong Finance Q1 profit dips

A TOUGH macro environment in Singapore, partly owing to property curbs, has led Hong Leong Finance to post a 5.4 per cent decline in net profit to $14.43 million for the first quarter ended March 31, 2014.

This translates to earnings per share of 3.26 cents, down from 3.44 cents previously.

The lender cited property cooling measures, the toughest of which was the total debt servicing ratio; a shrinking car market; and small and medium-sized enterprises hit by labour constraints and higher costs as some of the challenges it faced.