Hong Seng posts improved net profit, revenue in 2Q

Hong Seng group managing director Datuk Seri Teoh Hai Hin

KUALA LUMPUR: Hong Seng Consolidated Bhd’s net profit soared more than seven times to RM42.3mil in the second quarter ended March 31 from RM6.03mil a year ago.

Revenue for the quarter showed a two-fold increase to RM117.61mil against RM56.43mil posted last year.

Group managing director Datuk Seri Teoh Hai Hin said: “Hong Seng’s aggressive expansion into diverse business segments continues to bear fruit as it delivers yet another impressive quarterly result.

“Our healthcare arm HS Bio Group remains the largest contributor and most exciting prospect of the group, but we are also looking forward to our other pillars which will start ramping up very soon.”

“The group’s cash and bank balances of RM134.88mil as at March 31 is expected to keep us resilient with liquidity buffers in a challenging economic environment while allowing us to seize opportunities that will improve the group’s operations and financial performances in the future,” Teoh said.