HLA's Q1 profit declines 8.1% to $13.3m

HONG Leong Asia (HLA), the trade and industrial arm of the Hong Leong Group, posted an 8.1 per cent decline in net profit to $13.3 million for the first quarter ended March 31, owing to margins compression.

Despite the headwinds faced by most business units, HLA said it expected to report a profit for the next quarter and this financial year.

However, it cautioned that the group continues to be exposed to currency fluctuation risk as the bulk of its businesses are located outside Singapore.