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Tiong Nam 1Q profit jumps 739% to RM15m
by Cals Mon 19 Aug 2013, 17:57
Tiong Nam 1Q profit jumps 739% to RM15m
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Monday, 19 August 2013 17:49
KUALA LUMPUR (August 19): TIONG NAM LOGISTICS HOLDINGS [] Bhd reported a 739% jump in first quarter profit from a year earlier mainly on the group's property development income.
This compares to an absence in property development income previously, the firm told the exchange. Tiong Nam said net profit jumped to RM15.35 million in the quarter ended June 30, 2013 from RM1.83 million. Revenue rose to RM124.23 million from RM79.64 million.
"The improvement was mainly due to the recognition of profit for PD (property development) projects, improvement on operation efficiency, diligent cost controls, increased in freight charged rate, rental rate as well as higher occupancy rate of warehouse," Tiong Nam said.
Tiong Nam said real estate development and investment are expected to support its current financial year income growth. Property-based income is expected to mitigate the impact of a competitive logistics industry, the firm said.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Monday, 19 August 2013 17:49
KUALA LUMPUR (August 19): TIONG NAM LOGISTICS HOLDINGS [] Bhd reported a 739% jump in first quarter profit from a year earlier mainly on the group's property development income.
This compares to an absence in property development income previously, the firm told the exchange. Tiong Nam said net profit jumped to RM15.35 million in the quarter ended June 30, 2013 from RM1.83 million. Revenue rose to RM124.23 million from RM79.64 million.
"The improvement was mainly due to the recognition of profit for PD (property development) projects, improvement on operation efficiency, diligent cost controls, increased in freight charged rate, rental rate as well as higher occupancy rate of warehouse," Tiong Nam said.
Tiong Nam said real estate development and investment are expected to support its current financial year income growth. Property-based income is expected to mitigate the impact of a competitive logistics industry, the firm said.
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