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Hwang-DBS 1Q net profit jumps 47% y-o-y to RM13.5m

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Hwang-DBS 1Q net profit jumps 47% y-o-y to RM13.5m Empty Hwang-DBS 1Q net profit jumps 47% y-o-y to RM13.5m

Post by Cals Sat 28 Dec 2013, 02:17

Hwang-DBS 1Q net profit jumps 47% y-o-y to RM13.5m
Business & Markets 2013
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Friday, 27 December 2013 19:14

KUALA LUMPUR (Dec 27): Hwang-DBS (Malaysia) Bhd’s net profit jumped 47% to RM13.5 million for its first quarter ended 31 October 2013 from RM9.2 million in the previous corresponding quarter.

The group reported revenue of RM132.6 million for the quarter, up 17% from RM113.4 million in the previous year.

“The increase in operating revenue of the group is mainly attributable to the higher fund management fee income generated by the investment management segment and increase in gains arising from securities trading activities,” said the group.

Its stockbroking, investment management and commercial banking segments had recorded improving pretax profits for the quarter, but were partly offset by lower profits from the investment banking and moneylending segments.

Looking forward, the group said that volatility of the Malaysian stock market could impact its stockbroking business, while its moneylending business is expected to be affected by lending restrictions imposed by the Central Bank.

Regardless, the group believes that it will “perform satisfactorily” for the remainder of its financial year.

The group had also mentioned plans to dispose its equity interests in certain subsidiaries and associates, subject to approval, which will leave the group with the remaining businesses of moneylending and property letting.
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