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Hong Leong Finance net profit drops 9.6% due to tax provisions write back in 2012

Published on Feb 27, 2014 9:08 PM

HONG Leong Finance said on Thursday that its full-year net profit dropped 9.6 per cent to $70.1 million as earnings for 2012 included the write back of tax provisions amounting to $65.7 million.

In the absence of that exceptional item, earnings for the 12 months to Dec 31 climbed 6.7 per cent from the previous year.

Net interest income and hiring charges at Singapore's largest finance company fell by 3.7 per cent to $148.2 million.

Fee and commission income, however, climbed 18.5 per cent to $15.5 million over the same period.

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