, Singapore
148 views
Photo by Ussama Azam via Unsplash.

Hong Leong Asia net profits down 27% to S$30.8m in H1

Weaker RMB to SGD exchange rates weighed on revenue.

Hong Leong Asia (HLA) saw its profits and revenue decline in the first six months of 2023, which it blamed on weaker foreign exchange and higher costs.

Net profit attributable to shareholders dropped 27.72% to S$30.8m during the period, notably impacted by the absence of a one-off gain from disposal of assets held-for-sale in H1 2022.

Earnings per share is S$4.12, down 27.6% from S$5.59 declared last year.

Revenue also dipped by 1% to S$2.1b in H1, compared to a year earlier. Hong Leong Asia said that this was due to the translation effects of a weaker RMB against SGD. This was partially mitigated by revenue growth from the building materials unit (BMU) in Malaysia. 

ALSO READ: Hong Leong Finance SG profits up 3.2% to S$46.57m in H1 

Other areas of business are also showing signs of improvement and growth. HLA’s powertrain solutions unit in China, Yuchai, recorded improved H1 results as market recovers gradually from the pandemic restrictions. Profit after tax is S$48.1m, a 60.5% growth compared to the previous year.

However, Yuchai’s revenue still declined by 2.4% to S$1.8b compared to a year ago. Total number of engines sold fell by 8.4% to 165,793 units, but higher operating margins on better sales mix towards bus, agricultural and industrial markets — along with better performance from associates and joint ventures — helped boost Yuchai’s net profit, HLA said.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!