Hap Seng Consolidated Bhd’s net profit rose to RM160.38 million in the first quarter ended March 31, 2020 (Q1) from RM157.98 million in the same period last year.
Revenue for the quarter, however, declined to RM1.48 billion from RM1.75 billion previously due to lower revenue from all divisions except property.
In a filing to Bursa Malaysia today, the group said its businesses in the quarter were affected by the slowing Malaysian economy, exacerbated by the COVID-19 pandemic that disrupted global supply chain and negatively affected most businesses and consumer sentiments.
“The implementation of the COVID-19 movement control order, which commenced on March 18, 2020, by the Malaysian government has shortened the number of operating days of the group’s businesses in the current quarter and negatively impacted operating performances,” it added.
Moving forward, Hap Seng expects its financial results for the financial year ending Dec 31, 2020 were expected to be impacted by the uncertainties in the local and global economic environment arising from the COVID-19 pandemic.