Tan Chong rises 6.51% on firmer 2Q earnings

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KUALA LUMPUR (Aug 15): Shares in Tan Chong Motor Holdings Bhd rose 6.51% this morning after it reported a net profit of RM12.36 million in the second quarter ended June 30 2018 (2QFY18) against a net loss of RM23 million last year, despite a year-on-year decline in car sales, thanks to a favourable sales mix and a stronger ringgit during the quarter.

At 9.08am, Tan Chong rose 11 sen to RM1.80 with 21,600 shares done.

Quarterly revenue dropped 9% to RM1.09 billion from RM1.2 billion a year ago. The group declared an interim dividend of two sen per share, payable on Sept 28.

For the six months ended June 30, 2018 (1HFY18) the group reported a net profit of RM16.62 million versus a net loss of RM58.32 million last year, while revenue slid 3% to RM2.12 billion from RM2.19 billion.