Hoe Leong bounces back into the black with $1.4m profit in Q1

Thanks to its vessel chartering segment.

Hoe Leong posted a net profit of $1.4m in the first quarter, bouncing back into the black after posting a loss of $1.6m in the same quarter last year.

Hoe Leong’s total revenue grew 20.1% during the quarter, driven by higher revenue from its vessel chartering segment.

The group’s vessel charter revenue surged 312.2% to $4.3m million due to a higher utilisation of the Group’s vessels in the quarter.
 

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