Hong Leong Asia posts bigger loss in Q3

HONG Leong Asia's third-quarter loss widened from S$13.92 million a year ago to S$17.58 million, weighed down by losses from its consumer products unit.

Revenue climbed 16 per cent year on year to S$963.19 million, fuelled by growth from its diesel engines unit Yuchai. Yuchai's revenue increased by 28.8 per cent from Q3 2016 on the back of more engines sold.

For the quarter under review, loss per share grew from 3.72 Singapore cents to 4.7 cents in Q3 2017.

"In view of the challenging business environment, the group expects that its performance will be weak for the remaining part of 2017," Hong Leong Asia said. "The group will continue to explore other strategic options and potential alliance opportunities, such as the restructuring exercise of (the consumer products unit), whilst maintaining its cost control discipline and continuing its organisational restructuring initiatives."