Tan Chong said 2016 was a challenging year. “Global uncertainties and the strength of the Japanese Yen negatively impacted our cost of sales and consequently, reduced our gross profit margins,” the group said in its filings. During the period, the Japanese Yen had appreciated 11% on average against the operating currencies of its motor vehicle distribution and dealership business.
SINGAPORE (March 29): Tan Chong International, the distributor of motor vehicles which is listed in Hongkong and Singapore, posted a 38% fall in full year earnings to HK$191.1 million ($34.3 million) from a year ago.
Revenue rose 12.9% to HK$16.7 billion from the growth of its motor vehicle distribution and retail operations in Singapore and Taiwan, as well as from its complete knocked-down (CKD) business in Thailand and Malaysia.
