Hoe Leong’s earnings rebound in H1

It recovered from a loss of $720,000 a year ago.

Hoe Leong Corporation Ltd. has reported a profit attributable to owners of $862,000 in the first half (H1) of year, reversing last year’s $720,000 loss.

In a bourse filing, the company said its revenue increased 10.5% to $20.64m in H1 driven by the increased sales in markets, mainly the US and Australia. Meanwhile, cost of sales decreased 4.7% to $15.69m, leading to a surge in gross profit, which was up to $4.96m from $2.21 a year earlier.

“The decrease in cost of sales and resultant increment in GP [gross profit] margin was mainly due to lower proportion of old, slow-moving inventories sold during H1 2024 compared to H1 2023,” the company said.

Hoe Leong’s other income also increased to $582,000 in H1 from $125,000 last year. The company attributed this to the foreign currency exchange gain of $444,000 recorded during the period.

“The foreign exchange gain was mainly resulting from the fluctuation in United States Dollar,” it noted.

Follow the link for more news on

Financial Statements

A NOTE FROM SINGAPORE BUSINESS REVIEW

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia