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TRANSPORT & LOGISTICS | Staff Reporter, Singapore

Logistics Holdings’ profits skyrocket 139.7% to $1.4m

Thanks to raised contributions from projects.

Logistics Holdings’ net profit for the first half of FY16 skyrocketed 139.7% to $1.4m, from 1HFY15’s $600,000.

According to the company’s announcement, the steep hike is thanks to higher revenue contribution for new and on-going projects boosting overall revenue 36.3% to $81.7m. These projects include revenue from construction works relating to alteration and addition works, new building works, home improvement program works, and term contract works.

Meanwhile, administrative expenses jumped 13.7% to $4.2m on back of payroll expenses rising in line with salary adjustments and company headcount; premise upkeep of the company’s precast plant; and the depreciation of office equipment and the premise of the precast business.

Further, the company also posted an increase in distribution and marketing expenses due to delivery charges at their precast plant, which began production in January 2015.

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