HLA - Profit Warning for the Second Quarter and Half Year Ended 30 June 2016
28 July 2016, 12:03:00 am
The Board of Directors of Hong Leong Asia Ltd. ("HLA" or the "Company", and together with its subsidiaries, the "Group") wishes to inform shareholders and potential investors of the Company that the Group expects to report a loss for the second quarter and half year ended 30 June 2016 subject to the finalization of the unaudited financial statements.
In the Company's announcement of the unaudited first quarter financial statement for the period ended 31 March 2016, which was issued on 13 May 2016, the Group had indicated that it expected that the performance of its business units based in China would continue to be weak in the second quarter of 2016.
Based on information currently available to the Group, a loss attributable to the owners of the Company is expected to be reported for the second quarter and half year ended 30 June 2016. The loss is attributed mainly to the continuing losses incurred by the Group's Consumer Products Unit due to very difficult economic conditions in China. Profits from other profitable business units of the Group would not be sufficient to offset the losses incurred by the Consumer Products Unit.
Further details of the Group's performance will be disclosed when HLA announces its unaudited financial results for the second quarter and half year ended 30 June 2016 on 12 August 2016.
In the meantime, shareholders and investors are advised to exercise caution when dealing in the shares of the Company.
By Order of the Board
HONG LEONG ASIA LTD.
Ng Siew Ping, Jaslin
Yeo Swee Gim, Joanne
28 July 2016