Hong Leong Finance posts 16.2% fall in Q3 net profit
Posted: 03 November 2008 2007 hrs

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SINGAPORE: Singapore's largest finance company, Hong Leong Finance (HLF), reported a 16.2 per cent fall in after-tax profit to S$30.9 million for the third quarter ended September.

For the nine months ended September, after-tax profit fell 2.2 per cent to S$92.4 million.

This was attributed to the writing back of a reduced sum of allowances for loans and advances amounting to S$2.7 million.

At the same time, interest on loans fell 9.9 per cent to S$56.3 million in the third quarter.

Third quarter earnings per share fell to 28.03 cents, as compared to 33.52 cents in the same period last year.

HLF said it will continue to support SMEs and heartlander borrowers, and will not compromise on underwriting and pricing standards.

- CNA/yt