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Hong Leong Financial Group's Q1 net profit decreases to RM490.2m

 Publish date: Wed, 27 Nov 2019, 5:47 PM

KUALA LUMPUR: Hong Leong Financial Group Bhd’s net profit for the first quarter ended Sept 30, 2019 decreased to RM490.2 million from RM505.69 million recorded in the same quarter last year.
 
Revenue during the quarter eased to RM1.32 billion from RM1.38 billion previously, the group said in a filing with Bursa Malaysia today.
 
It said there was an increase in pre-tax profit, mainly due to higher revenue of RM38.3 million, lower operating expenses of RM2.9 million, writeback of impairment losses on loans, advances and financing of RM27.7 million and lower impairment losses on financial investments of RM700,000.
 
“This was however offset by lower share of profit from associated companies of RM1.9 million,” it said.
 
Moving forward, the group is expected to maintain its performance in line with market conditions for the current financial year.
 
 
 - Bernama
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