SINGAPORE (Dec 6): TTJ Holdings saw 1Q18 earnings ended Oct drop 81% to $760,000 from $4. million in 1Q17.
Revenue for the quarter fell by 49% to $13.6 million from $26.5 million a year ago, mainly due to the decrease in structural steel business and expiry of tenure for the group’s dormitory at Terusan Lodge I resulting in no revenue contribution from its dormitory business.
Cost of sales also decreased in tandem by 46% to $11.5 million from $21.1 million last year.
Gross profit for 1Q18 came in at $2.16 million, 60% lower than $5.41 million recorded in the same period last year.
Administrative expenses increased by 8% to $1.8 million in 1Q18 from $1.7 million in 1Q17, mainly due to an increase in staff related costs.
In 1Q18, the group recorded finance costs of $12,000, which was absent in the previous year.
As at Dec 6, 2017, the group’s projects order book stood at $159 million.
Looking ahead, TTJ says that it will continue to monitor its costs closely and enhance productivity to remain competitive.
Shares in TTJ closed at 36 cents on Wednesday.
