Hong Leong Asia still mired in red in Q1

HONG Leong Asia stayed in the red for its first quarter despite a rise in revenue.

It made a net loss of S$9.8 million, smaller than a net loss of S$16.5 million in the previous year, the group said in a Singapore Exchange filing on Friday evening.

For the three months ended March 31, revenue increased 19.1 per cent to S$1.13 billion from the year-ago period. The net loss came about because profits from its Yuchai diesel engines unit were not enough to offset a loss incurred by Xinfei, its consumer products unit.

Loss per share for the quarter shrank to 2.63 Singapore cents, from a loss per share of 4.41 Singapore cents, in the year-ago period.

Hong Leong Asia shares ended S$0.035 or 3 per cent lower at S$1.145 on Friday before the results.