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Hong Leong Asia's Q1 earnings down 8.1%

Published on May 15, 2014 10:38 PM

Rising material costs hit industrial conglomerate Hong Leong Asia's earnings for the first quarter.

The firm said on Thursday that its net profit for the first quarter fell 8.1 per cent to $13.3 million from a year earlier.

Revenue for the first quarter rose 15.7 per cent to $1.25 billion.

A weaker property market in China led to lower consumer demand which caused its consumer products unit Xinfei to report a 16 per cent decline in revenue during the quarter.

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