KUALA LUMPUR: Hong Leong Industries Bhd’s (HLIB) net profit fell to RM57.53 mil in the third quarter ended March 31, 2020 from RM90.40 milin the same period a year ago, while revenue slipped to RM621.89 mil from RM693.53 mil previously.
In a filing with Bursa Malaysia today, HLIB said the company also recorded a lower profit before tax of RM98.91 mil from RM138.44 mil ion due to lower sales across all product segments, which were impacted by the Movement Control Order (MCO), coupled with lower profit contribution from an associated company.
The investment holding company with subsidiaries involved in consumer and industrial products said the Covid-19 pandemic and the MCO had adversely impacted the group’s operations.
In view of the uncertainty of the market condition including adapting to the requirement of social distancing at the workplace, the group said it may need to streamline and rationale some of the operations accordingly.
“The group will also take necessary measures to conserve cash and continue to explore ways to reduce costs to mitigate the adverse impact of this pandemic on the group’s performance,” HLIB said. - May 22, 2020, Bernama