Hong Leong Asia still in the red with S$5.5m net loss for Q1

HONG Leong Asia is still in the red; posting a net loss of S$5.5 million for the first quarter. However, this was an improvement on the net loss of S$9.9 million in the corresponding period in the preceding year.

On a per-share basis, loss narrowed to 1.46 Singapore cents, from a loss per share of 2.64 Singapore cents in Q12017.

For the three months ended March 31, revenue fell 9.2 per cent from S$1.13 billion in the year-ago period to S$1.02 billion.

The slide in revenue was mainly due to revenue declines recorded by Yuchai , its Diesel Engines Unit, and Xinfei, its consumer products unit which were partially offset by revenue growth of Hong Leong Asia's building materials unit, it said.

Net asset value per share edged up to 165.13 Singapore cents as at March 31, from 164.74 Singapore cents three months ago.

Hong Leong Asia shares finished S$0.05 or 5.2 per cent up at S$1.02 on Friday.