Hap Seng Berhad’s revenue for the current quarter at RM1.54 billion was 22% lower than the preceding year’s corresponding
quarter of RM1.97 billion, the group said this was due to lower revenue from all divisions except the Credit Financing and Building Materials Divisions.
Operating profit for the current quarter at RM172.6 million was 31% lower than the preceding year’s corresponding quarter of RM251.5 million due to lower profit contribution from Property, Credit Financing, Automotive, and Trading Divisions but mitigated by higher profit contribution from Plantation and Building Materials Divisions. Profit after tax came in RM50 million significantly lower compared to Q3 2022 of RM563.7 million.
Group PBT for the current quarter at RM138.5 million was significantly lower than the immediate preceding quarter of
RM729.1 million mainly due to the gain arising from the disposal of HCML in the immediate preceding quarter. Excluding a gain from the disposal of subsidiaries, Group PBT for the current quarter was RM133.2 million, marginally lower than the immediate preceding quarter of RM134.1 million
Plantation Division’s revenue for the current quarter at RM164.6 million was 10% lower than the preceding year corresponding quarter of RM182 million mainly due to lower average selling price but mitigated by higher sales volume of all the palm products.
Consequently, operating profit for the current quarter at RM50 million was significantly higher than the preceding year’s corresponding quarter of RM18 million. Property Division’s revenue for the current quarter at RM128.8 million was 12% lower than the preceding year’s corresponding quarter of RM146.9 million mainly due to lower sales from the property development segment but mitigated by contribution from its hospitality segment. The property development segment’s revenue was mainly affected by lower units sold in both East and Peninsular Malaysia.
The investment properties segment was affected by a loss from fair value adjustments. Consequently, an operating loss of RM55.2 million was incurred for the current quarter as compared to the preceding year’s corresponding quarter’s operating profit of RM29.7 million.
