HLIB earnings up 27% to RM58mil in third quarter


  • Business
  • Wednesday, 20 Apr 2016

PETALING JAYA: Hong Leong Industries Bhd’s (HLIB) third-quarter net profit to March 31, 2016 increased 27.4% to RM58.65mil on the back of higher profit contribution from an associated company.

Its revenue rose 0.72% to RM555.03mil. Earnings per share increased to 19.02 sen from 14.93 sen.

HLIB is the manufacturing, assembly and semiconductor arm of the Hong Leong group.

For the period, the company has cash of RM378.31mil compared with RM340.93mil in the same quarter of the previous year. This is against short-term borrowings of RM102.93mil for the existing period.

In a filing with Bursa Malaysia, the company has declared an interim dividend of 29 sen compared with 17 sen in the same quarter of the previous year.

The dividend consists of a second interim single-tier dividend of 19 sen and a special interim single-tier dividend of 10 sen for the quarter ended March 31, 2016 of the financial year ending June 30, 2016. The dividends will be paid on May 24, 2016.

Thus cumulatively the company has declared a total of 42 sen in dividends compared with 29 sen previously.

As for the nine-month period, net profit was up 36.9% to RM177.73mil while revenue rose 0.37% to RM1.62bil. Earnings per share increased to 57.63 sen from 42.1 sen. The nine-month results were due to higher profit contribution from an associated company, but were partly offset by higher production cost due to the weakening of the ringgit against the US dollar from its consumer products segment.

Looking forward, the board expects the group’s performance for both the consumer products and industrial products segments to be satisfactory for the financial year ending June 30, 2016.

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