Hong Leong Asia back in the black with $45m profit for FY13

Singapore

HONG Leong Asia swung into the black with a net profit attributable to equity-holders of $45.28 million for the financial year ended Dec 31, from a net loss of $34.91 million for FY12.

The net loss in FY12 was largely due to impairment of assets at its consumer products unit Xinfei. Had the assets impairment been excluded, the group would have reported a net profit of $16.8 million for FY12.