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Transit-Mixed Concrete narrows H1 FY2019 losses to S$733,000
WATCH-LISTED Transit-Mixed Concrete saw losses from its continuing operations narrow 13 per cent to S$733,000 for H1 FY2019 ended August, amid continued challenges in the construction industry.
This translates to a loss per share of 1.05 cents for the half-year, compared to the 1.21 cents loss per share a year ago. Factoring in the discontinued ready-mixed concrete operations in Malaysia, the Mainboard-listed company's losses narrowed 7 per cent to S$869,000.
Transit-Mixed Concrete recorded a 7 per cent drop in revenue for H1 to S$4.2 million, hit by subdued demand for its concrete-pumping services and an increased use of prefabricated concrete. Construction activities have also slowed broadly.
The company's operations also generated a lower net cash sum of S$210,000, compared to S$334,000 a year ago.
However, the bottom line was bolstered slightly by a reduction in the selling, general and administrative expenses, alongside increased contribution from a joint venture, ATMC.
Transit-Mixed Concrete expressed optimism that construction demand may be boosted by major infrastructure projects such as the North-South Corridor, the Deep Tunnel Sewerage System Phase 2, the JTC Space Industrial Property, as well as private projects such as data centres and mega warehouses.
Shares of Transit-Mixed Concrete closed flat at S$0.084 on Thursday.