HLF reported 3Q08 net profit of S$30.9m, down 16.2% YoY. This is stronger than our expectations, as net interest income came in above our forecasts. Net interest income rose a marginal 1.4% YoY to S$51.9m, which led to a resilient pre-provisioning operating profit (down 1.3% YoY). However, 3Q08 provisions was S$1.7m, versus the S$7.7m writeback for 3Q07, which led to the weakness in net profit.
HLF is one of the distributors of the Lehman Minibond series of products. On 22 Oct 08, HLF announced a proposal to purchase Lehman Minibond notes from its most vulnerable customers. HLF said this proposal is not expected to have a material adverse effect on the current year results.
The Material provided above is for information only and does not constitute an offer or solicitation to purchase or sell the shares mentioned
To my beloved friend CW8888
1 year ago
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