Hap Seng confident about outlook for all divisions in 2013

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KUALA LUMPUR (Jan 11): Hap Seng Consolidated Bhd said the group was optimistic about all its divisions in 2013, especially its property division as it is set to launch new projects this year.

Datuk Edward Lee Ming Foo, the group's managing director who was at the media preview of The Horizon Residences development project by Hap Seng Land Sdn Bhd today, said, "All the divisions have a good outlook this year."

He was referring to the group's divisions, which include plantations, property holdings and development, automotive, credit financing, investment holdings, fertiliser trading and, quarry and building materials.

Hap Seng registered a net profit of RM127.2 million in the third quarter ended Sept 30, 2012, compared with RM121.6 million in the previous corresponding quarter. Third quarter revenue also increased to RM1.01 billion in 2012 from RM943.9 million in 2011.

"We are optimistic about the Malaysian economy. The property market is good; that is why we are putting a lot of emphasis on the property sector. There will be challenges every year, but we are confident that we can overcome all this," Lee said.

Divisions that experienced growth in operating profit in the third quarter ended Sept 30, 2012, included the property, credit financing, quarry and building material divisions, while the plantation, automotive and fertiliser trading divisions registered negative growth.

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