Hong Leong Finance posts 13% rise in Q1 profit on cost cuts

Singapore

HONG Leong Finance's profit for the first quarter ended 31 March, 2017 rose 13.2 per cent year on year to S$16.46 million.

This was partly due to a 6.8 per cent decline in staff costs to S$15.4 million, arising from lower provision for bonus and headcount, as well as a 14 per cent reduction in other operating expenses to S$4.74 million. The latter was due to decreased business promotion expenses.