Hong Leong Industries posts higher 2Q net profit of RM102.47mil

KUALA LUMPUR: Hong Leong Industries Bhd (HLI) posted a higher net profit of RM102.47 million in the second quarter (2Q) ended Dec 31, 2023, against RM73.53 million in the corresponding quarter a year ago.

Revenue, however, declined to RM743.55 million from RM841.61 million previously, mainly attributed to lower sales, the group said in a filing with Bursa Malaysia today.

For the first six months of its financial year ending June 30, 2024 (FY2024), the group recorded a higher net profit of RM190.14 million versus RM155.41 million a year ago, while revenue fell to RM1.58 billion compared to RM1.73 billion previously.

"The higher profit before tax for the current quarter and financial year-to-date was mainly attributed to a favourable sales mix of motorcycle models and the recognition of a gain from the disposal of the entire equity interest in Hume Cemboard Industries Sdn Bhd of RM18.5 million during the current quarter," it said.

On prospects, HLI expects the motorcycle industry to remain stable for the remaining quarters of the financial year, and the group is expected to achieve satisfactory results for FY2024.

Meanwhile, the group also declared a special single-tier dividend of 50 sen per share which will be paid on April 16, 2024. - Bernama

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