Hap Seng Consolidated : Third-Quarter Net Profit Rose 0.3%

By Chester Tay

Hap Seng Consolidated Bhd's third-quarter profit rose 0.3%, as strong growth in its plantation segment offset reduced contributions from most other businesses.

Net profit rose to 193.7 million ringgit ($47.4 million), while revenue fell 9.0% to MYR1.66 billion, the diversified group said Thursday.

In the first nine months of 2020, net profit fell 17% compared with the same period a year earlier to MYR398.2 million, while revenue declined 22% to MYR4.13 billion.

The group expects its 2020 financial performance to be weaker than 2019, as most of its businesses are facing pandemic-related challenges.

Write to Chester Tay at [e-mail]

(END) Dow Jones Newswires

11-26-20 0518ET