Its holding company China Yuchai International drove up revenue.
Hong Leong Asia’s profits reached $155.21m in FY2020, 6.5% YoY higher than FY2019’s $145.77m, according to the company’s local bourse filing.
The trade and manufacturing arm of Hong Leong Group also saw its profits attributable to owners of the company jump 35.7% YoY to $46.7m during the same period.
Revenue jumped 9.8% YoY to $4.5b mainly due to higher revenue recorded by holding company China Yuchai International, partially offset by the revenue decline of their building and materials’ unit.
Yuchai’s revenue increased by 15.6% to $553m as compared to FY2019. Yuchai sold 430,320 engines in FY2020 as compared to 376,148 units sold in FY2019. The increase was mainly due to higher engine sales in the heavy-duty and medium-duty truck segments and off-road segments, particularly agricultural engines, which more than offset the unit sales decline in the bus segment, according to Hong Leong Asia.
In contrast, BMU’s revenue decreased by 28.2% or $142.8m as compared to FY2019 as both its Singapore and Malaysian operations were affected by disruption to business activities due to the COVID-19 pandemic.
In its results announcement, the group maintained a “cautiously optimistic” outlook that performance will improve in FY2021.
Do you know more about this story? Contact us anonymously through this link.