SINGAPORE (June 7): TTJ reported a 82% fall in 3Q earnings to $2.4 million from a year ago on lower sales as the tenure of the dormitory at Terusan Lodge I had expired and was not renewed.
For the three months ended April, the group specialising in steel structures engineering, recorded a revenue of $16.8 million, a decrease of 69% from a year ago mainly due to the decrease in structural steel business and non contribution of revenue from the dormitory business.
The group’s gross profit margin decreased to 27.4% from 33.8%.
Other gains increased by 175% to $1.4 million mainly due to the credit balance written back amounting to $1.1 million recorded by a newly acquired subsidiary.
As of June 7, TTJ’s projects order book stood at $157 million which it expects to substantially complete between FY2017 and FY2021.
To date, the group says it continues to experience a healthy level of enquiries for a mix of public and private sector projects.
Going forward, the group says it will continue to monitor its costs closely and enhance productivity to remain competitive.
TTJ shares closed at 42 cents on Wednesday.
