Hong Leong Asia reports small profit in Q3, reversing from loss previously

Hong Leong Asia has reported a net profit of $3.2 million in the third quarter, reversing from a loss of $1 million in the same period last year.

Revenue for the three months to Sept 30 rose by 7.9 per cent to $1.06 billion.

The increase was mainly due to higher revenue from the diesel engines unit, China Yuchai, but offset by lower revenue from the consumer products unit, Xinfei.

Profit continued to be dragged down by Xinfei's performance.

Earnings per share amounted to 0.86 cent compared to loss of 0.28 cent previously while net asset value per share firmed to $2.1729 compared to $2.0706 as at Dec 31.