Hong Leong Financial Fourth-Quarter Net Profit Down 34% on Year

By Yantoultra NguiFeaturesDow Jones Newswires

KUALA LUMPUR, Malaysia--Financial-services firm Hong Leong Financial Group (1082.KU) said Thursday that its net profit for the fiscal fourth quarter declined 34% from the previous year, mainly due to lower contribution from its commercial-banking division.

Hong Leong Financial's net profit for the April-June period fell to 258.8 million ringgit ($60.5 million) from MYR393.5 million a year earlier, according to a local stock-exchange filing.

Continue Reading Below

Revenue for the quarter climbed slightly to MYR1.27 billion from MYR1.21 billion a year ago.

Looking ahead, Hong Leong Financial said it expects to maintain its performance in line with market conditions for the next fiscal year.

Shares of Hong Leong Financial were flat at MYR16.86 ($3.94) midday before the earnings release. The stock has climbed nearly 19% so far this year.

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

August 24, 2017 01:49 ET (05:49 GMT)