Eagle Legend Asia’s local business tumbles

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Hong Kong-listed construction service firm Eagle Legend Asia Ltd. saw it net loss expand by 71.5 per cent year-on-year to HK$72.2 million for the year of 2016, with revenue in the MSAR dipping by 87.1 per cent, according to a company filing with the Hong Kong Stock Exchange yesterday.
For the year, the company’s revenue generated by the MSAR amounted to some HK$516,000, over three-quarters down compared to nearly HK$4 million one year ago. The company also posted a loss of HK$29,000 for its business in the territory.
The total revenue of the company was HK$214.6 million, which is down 10.5 per cent vis-à-vis HK$239.8 million in 2015.
The company explained in the filing that the drop in revenue was due to ‘the decrease of rental income from leasing of machinery and the related service income,’ adding that the sales of machinery and spare parts saw a modest growth of 9.2 per cent year-on-year.
The company is primarily engaged in the trading of construction machinery and spare parts, leasing of construction machinery and provision of repair and maintenance services in respect to construction machinery in Hong Kong, Macau, Singapore and Vietnam.