Hong Leong Asia Q1 net profit down 64.6%

Singapore

HONG Leong Asia (HLA), the trade and industrial arm of Hong Leong Group, reported a 64.6 per cent slump in net profit from S$13.3 million a year ago to S$4.69 million for its first quarter ended March 31, 2015.

The lower net profit was mainly due to lower profit from the diesel engines unit Yuchai, and higher losses incurred by the consumer products unit Xinfei, it said.