Poh Tiong Choon Q2 profit falls 21%; interim dividend kept at 0.75 Singapore cent
Poh Tiong Choon Logistics's second-quarter net profit has dropped 21 per cent to S$2.8 million, or 1.32 Singapore cents per share, amid lower transportation and bulk cargo volumes.
The land cargo transportation company is maintaining an interim cash dividend of 0.75 Singapore cent per share.
For the half-year ended June 30, net profit slipped 2 per cent to S$7.4 million, or 3.46 cents per share. Poh Tiong Choon stock closed at 76 cents on Wednesday, lower by 1.3 per cent or one cent, before the results were announced.
Revenue fell 17 per cent to S$33.6 million during the quarter, as the transportation and bulk cargo division experienced lower volumes.
Looking ahead, the company said that it was looking for new business opportunities, and will be prudent with costs. Poh Tiong Choon is also in the midst of preparing a single-user general warehouse for its warehousing purposes, and is targeting to complete the project by February 2018. Operating expenses until then are expected to be elevated.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Porsche posts Q1 profit drop on ramp-up costs
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly