Tan Chong half-year earnings fall 31% to $21 mil

SINGAPORE (Aug 29): Tan Chong International posted earnings of HK$119 million ($20.9 million) for 1H16, a 30.9% decrease from the earnings of HK$172.3 million in 1H15.

But gross margins declined as the Japanese Yen appreciated by 13% on average against its operating currencies.

There were also increases in distribution costs from its complete built-up market segments, and the incremental cost incurred in scaling up its complete knock-down operations to gain market presence and traction.

---

Related Stories

• Honda, Nissan team up on EVs to take on China juggernaut
• Shifting electric cars into the fast lane
• Tan Chong posts 20% increase in FY18 earnings to $103.4 mil despite lower sales

---