Tan Chong in the red with $6m loss in first half

Car dealer Tan Chong International posted a net loss of HK$35.9 million (S$6 million) for the first half of its 2024 fiscal year ended June 30- a reversal from a net profit of HK$126.9 million over the same period a year ago.

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Revenue dropped 9.9 per cent to HK$6.6 billion from HK$7.3 billion over the same period, the company said in its financial statements released on the Singapore Exchange on Aug 29.

Losses per share came in at 1.78 Hong Kong cents, compared with earnings per share of 6.3 Hong Kong cents in 2023.

The company has declared an interim dividend of two Hong Kong cents per ordinary share.

Tan Chong said it faced significant challenges in the first half of financial year 2024 due to the uncertain global economic landscape.

The losses over this six-month period were due to the underperformance of its automotive division, which faced disappointing car sales and shrinking profit margins, said the company.