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Hong Leong retreats on Q4 results

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Hong Leong retreats on Q4 results

Post by hlk Mon 29 Aug 2011, 19:06

Hong Leong Bank Bhd, a Malaysian banking group, fell to the lowest level in almost three months in Kuala Lumpur trading after fourth-quarter profit fell 2 per cent to RM296.6 million after booking expenses from its takeover of smaller local rival EON Capital Bhd.

The stock lost 2.4 per cent to RM12.06 at 9:30 a.m. local time, set for the lowest close since May 30.

Hong Leong Financial Group Bhd, its parent, had the steepest decline in 19 months after fourth-quarter net income dropped to RM295.1 million from RM414.9 million.

Hong Leong Financial fell 3.8 per cent to RM11.68, set for the biggest decline since Jan 26, 2010. -- Bloomberg

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