Tuesday, November 22, 2011

Hock Seng Lee 3-month earnings up 11.2% to RM22.56m

KUALA LUMPUR (Nov 22): HOCK SENG LEE BHD []'s earnings rose 11.2% to RM22.56 million in the third quarter ended Sept 30, 2011 from RM20.28 million a year ago as it benefited from more CONSTRUCTION [] activities.

The Kuching-based company said on Tuesday its revenue increased by 11.9% to RM150.42 million from'' RM134.35 million while earnings per share were 4.09 sen compared with 3.70 sen.

For the nine-months ended September, it said its nine-month earnings increased by 17.9% to RM61.12 million from RM51.81 million while its revenue rose 25.1% to RM422.92 million'' 338,010

'The increase was mainly due to the increased activities in construction segment which contributed RM146 million (97%) of the group's revenue for the current quarter and RM405.0 million (96%) of the group's revenue for the first nine months of 2011.

'Contribution from property development segment in the group net profit before tax for the first nine months has decreased slightly from RM7.7 million in 2010 to current year's figure of RM6.6 million, due to timing in launching of new projects,' it said.

Managing director Datuk Paul Yu Chee Hoe said: 'Our earnings and revenue results put us on a trajectory to achieving new highs for our annual financial results 2011.'

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