Tan Chong International reports H1 net profit of $31.2 million

Tan Chong International announced a net profit of HK$172.3 million (S$31.2 million).
Tan Chong International announced a net profit of HK$172.3 million (S$31.2 million).PHOTO: TAN CHONG INTERNATIONAL

SINGAPORE - Motor company Tan Chong International announced that net profit for the six months to June 30 was HK$172.3 million (S$31.2 million), the company announced on Wednesday.

This was up from HK$153.2 million, compared with the same period a year ago.

Revenue for the six months was HK$7.2 billion, up from HK$4 billion a year ago.

The firm said this was mainly owing to the consolidation of the financial results of unit Zero, and the strong growth in its core passenger vehicle retail and distribution operations.

It said there was a double digit increase in sales volume across our Nissan, Subaru and Fuso brands.

Zero continues to be a strong contributor to its consolidated revenue and profits, comprising 36 per cent of consolidated revenue.

Earnings per share for the period was 8.6 HK cents, up from 7.6 HK cents a year ago.

The firm declared an interim dividend of 2.5 HK cents, payable on Sept 23.

rachaelb@sph.com.sg