Hock Seng Lee 1Q profit flat, revenue falls 3%

Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Wednesday, 22 May 2013 13:50
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KUALA LUMPUR (May 22): HOCK SENG LEE BHD []’s (HSL) first
quarter net profit came in flat from a year earlier on lower income from
its CONSTRUCTION [] business.
In a statement to the exchange today, HSL said net profit fell 0.5% to
RM19.5 million in the quarter ended Marc h 31, 2013 from RM19.6
million previously. Revenue dropped 3% to RM135.09 million from
RM139.2 million.
"The construction segment contributed RM23.78 million (91%) of the
group’s profit before tax as compared to the preceding year
corresponding quarter’s figure of RM24.25 million (93%)," HSL said.
Looking ahead, the firm which also develops PROPERTIES [], said its
performance is closely linked to the progress of the Sarawak Corridor
of Renewable Energy.
HSL said it will also pursue road and water-supply projects under the
state's rural development initiatives.
"As at March 31, 2013, the group has RM1.86 billion worth of projects
in hand and will continue to pursue projects that are related to its core
competency in marine engineering, civil engineering and construction.
"At the same time, HSL’s property development arm is expected to
increase its contribution to group bottom line with new project launches
having just successfully taken place and more planned during 2013," HSL said.