Tiong Nam Q3 net profit up

PETALING JAYA: Tiong Nam Logistics Holdings Bhd reported a 130.8% jump in net profit to RM1.8mil in the third quarter ended Dec 31,2019 from RM0.8mil in the previous year due to enhanced performance at the property development segment.

Group revenue for the quarter rose 6.6% to RM155.9mil compared with RM146.2mil previously, where the majority was contributed by the logistics and warehousing segment, which maintained at RM137.9mil in 3QFY20. However, the segment’s profit before tax (PBT) declined by 51.2% to RM4.5mil from RM9.3mil due to higher depreciation and amortisation cost in line with its expanded facilities, the logistics company said.