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TTJ Holdings Report 29% Slump In FY15 Net Profit
TTJ Holdings has announced a 28.7 percent slump in FY15 net profit to $15.5 million, from $21.8 million last year on the back of an approximate equivalent percentage slump in revenue.
Revenue fell 30.1 percent to $94.1 million mainly due to lower contributions recorded from the structural steel business. The structural steel business saw lesser work completed for on-going projects as compared last year, furthermore, for on-going projects, the group executed fewer large-scare projects of higher contract value as compared to FY14.
A reduction of 40 percent in other gains to $1.2 million due to decrease in sales of scrap metal, as well as an increment of other losses to $3 million from $0.3 million due to an inventory written down and foreign exchange losses contributed to the erosion of profitability in FY15.
The erosion of profitability was partially offset by a decrement of administrative expenses of 36.8 percent to $7.7 million due to decrease in staff related cost.
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