Tiong Nam Logistics posts smaller 2Q net profit on increased ...

Tiong Nam Logistics Holdings Bhd, a leading Malaysian logistics provider, reported a 26.4% drop in second-quarter net profit to RM1.22 million due to higher finance costs and operating expenses. Despite this, revenue increased by 3.7% to RM183.53 million, supported by consistent logistics services demand and higher property development income. The company is focusing on warehouse expansion and enhancing logistics services to support regional supply chains.

Source: Link

html

Frequently Asked Questions about Tiong Nam Logistics Financial Performance

Did Tiong Nam Logistics' net profit increase or decrease in a recent quarter?                        Tiong Nam Logistics reported a jump in its 2Q net profit, as mentioned in a report from November 30, 2022. The net profit surge was attributed to higher logistics and warehousing revenue.

What factors contributed to the changes in Tiong Nam Logistics' net profit?                        The increase in Tiong Nam Logistics' net profit can be credited to higher demand for its logistics and warehousing business, according to Managing Director Ong Yoong Nyock. Additionally, a significant increase was seen in the 4Q net profit, surging over 11 times due to fair value gain from warehouse investment.

Has Tiong Nam reported increased revenue along with its net profit?                        Yes, Tiong Nam's quarterly revenue rose, with a 4.6% year-on-year increase to RM184.94 million from RM176.81 million. The rise was due to higher contributions from the group's logistics and warehousing operations.

What are the future expectations for Tiong Nam Logistics' business?                        The demand for Tiong Nam Logistics' services is expected to continue increasing, as inferred from the Managing Director's statement on November 30, 2022. However, the company is also experiencing cost pressures that could affect its profitability, as mentioned in a June 8, 2023, article.

Has Tiong Nam Logistics received any industry recognition?                        Yes, Tiong Nam Logistics has been recognized with awards, as implied by the mention of it in the context of Malaysia Excellence Awards organized by Frost & Sullivan.

What kind of financial reporting does Tiong Nam Logistics provide?                        Tiong Nam Logistics provides quarterly financial reports to Bursa Malaysia, as well as annual statutory financial statements, which include detailed financial information about the company's performance.