Hong Leong Industries Q3 net profit falls to RM57.53m

KUALA LUMPUR, May 22 — Hong Leong Industries Bhd’s (HLIB) net profit fell to RM57.53 million in the third quarter ended March 31, 2020 from RM90.40 million in the same period a year ago.

Revenue slipped to RM621.89 million from RM693.53 million previously.

In a filing with Bursa Malaysia today, HLIB said the company also recorded a lower profit before tax of RM98.91 million from RM138.44 million due to the lower sales across all product segments, which were impacted by the movement control order (MCO), coupled with lower profit contribution from an associated company.

It said the Covid-19 pandemic and the MCO had adversely impacted the group’s operations.

In view of the uncertainty of the market condition including adapting to the requirement of social distancing at the workplace, the group said it may need to streamline and rationale some of the operations accordingly.

“The group will also take necessary measures to conserve cash and continue to explore ways to reduce cost to mitigate the adverse impact of this pandemic on the group’s performance,” HLIB said. — Bernama

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