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TRANSPORT & LOGISTICS | Staff Reporter, Singapore

Tan Chong profit up 177% to $57.3m in H1

But revenue fell 9% to $1.4b.

Autos company Tan Chong International's profits accelerated 177% YoY to $57.3m (HK$330.3m) for the half-year.

According to its financial statement, company revenue dipped 9% to $1.4b (HK$8b) after it was affected by a slowdown in vehicle sales volume.

Vehicle sales declined YoY from 20,038 units to 16,435 units in 2016.

It transportation logistics operations by ZERO Co. Ltd. in Japan continued to bring in stable revenue and earnings.

Its net profit also hit $71.1m (HK$410.8m) due to reduction in distribution costs and administrative expenses, in addition to growth in operating incomes.

The company said, "Starting last year, the Group had embarked on a concerted effort to reduce cost while improving productivity at all levels of the organization with the view to continually eliminate Non Value Added Activities. These actions have improved the company’s financial positions in the current period, ensuring our long-term competitiveness and sustainability."

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