Tan Chong Starts The Year Tripling Its Losses

Tan Chong for the quarter ended 31 March 2024 recorded revenue of RM563.7 million, a reduction of 9.1% compared to the same period preceding year which it said was largely due to softer consumer sentiments and highly competitive business landscape in the local and overseas markets. In line with the lower revenue and lower margin.

Subsequently, the group recorded Loss of RM15.7 million in the current quarter under review, compared to RM5 million loss in the same period preceding year.

As at 31 March 2024, the Group’s retained earnings was RM1.51 billion. The net assets per share as at 31 March 2024 was lower at RM4.17, compared to RM4.20 as at 31 December 2023.

Among the affected divisions, the automotive division recorded lower revenue of RM538.4 million in the current quarter under review, a reduction of 10.1% compared to same period last year (“YoY”). The reduction in sales was mainly due to stiffer competition faced in the local and overseas markets. Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) of RM2.5 million varied by -94.2% YoY, mainly due to
lower revenue and lower margin arising from weaker Ringgit during the current quarter under review.

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