Building materials group Hong Leong Asia on Wednesday reported a 38 per cent rise in first quarter earnings to S$30.2 million while its revenue rose 34 per cent to about S$1.1 billion. The improved earnings and higher revenue were due to higher unit sales volume of its China operations. The company said there was also higher consumer demand which boosted its Singapore business. Hong Leong said the...
Hong Leong Asia
Hong Leong Asia's shares closed 1.9 percent higher at S$2.65 on Monday after the company agreed to sell its building materials business to Malaysian cement maker Tasek Corp for S$323.5m in an all-share deal. Tasek said in a filing to the Kuala Lumpur Stock Exchange that it will issue 212.2 million shares at S$1.52 each to pay for the business. It also proposed to return to shareholders a special net...
Hong Leong Asia's foray into China is paying off for the company. Its China operations and building materials unit both helped to boost its full-year net profit to S$95.4 million, up 56 percent on year. Revenue rose 30 percent to S$3.2 billion. Hong Long's share of profit from associates increased to S$25.4 million in 2007, a turnaround from the loss in 2006 of S$500,000. Most of the contribution come...