PTC Logistics posts 21% drop in Q1 profit

POH Tiong Choon Logistics (PTC Logistics) reported a 21 per cent drop in net profit for its fiscal first quarter ended March 31 to S$3.62 million.

Revenue fell 4 per cent to S$35.5 million due to a decrease in volume handled by the transportation and bulk cargo division, partially offset by an increase in volume handled by the warehousing division.

The group said its performance will continue to be affected by diesel prices, tightening of the labour market, pressure on wage costs and interest-rate fluctuations. It will continue to be prudent with costs and look for synergistic opportunities to increase its competitiveness.

PTC Logistics has started Phase 2 of the redevelopment project to construct a single-user general warehouse comprising a block of ramp-up warehouse building with office space and ancillary facilities. The entire project, when completed in 2018, is expected to contribute positively to the group's results.