KUALA LUMPUR: Hong Leong Industries Bhd
is expecting a satisfactory performance in its current financial year as motorcycle demand is expected to bounce back from a slowdown going into the year.
In the first quarter ended Sept 30, 2023, the group said net profit was RM87.67mil, up from RM81.88mil in the year earlier due to a favourable sales mix of higher margin motorcycle models during the quarter.
Earnings per share was improved to 27.86 sen in 1QFY24 from 26.03 sen in the year-ago quarter.
It reported revenue of RM835.88mil, which was lower than RM884.45mil in the previous corresponding quarter mainly owing to the lower sales of the motorcycle business from weaker market demand and the credit tightening in motorcycle financing.
The board of directors declared an interim dividend of 20 sen per share to be paid on Dec 21, 2023, to shareholders whose names appear on the record of depositors on Dec 5, 2023.
