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.