By ANGELA TAN
Motor vehicle distributor Tan Chong International Limited on Wednesday reported higher net profits for the half year ended June 30, 2010 depsite the intense competition, high yen value relative to the local currencies and additional expenses on infrastructural expansions.
Net profit for the first half of 2010 was at HK$152.47 million, up from HK$147.96 million.
Tan Chong said its results were also weighed down as start ups have yet to contribute to profit.
Revenue for the first half of 2010 was HK$3.04 billion as compared to HK$2.31 billion, a 32 per cent improvement.
Rrevenue in Singapore registered a drop of 19 per cent but the group saw more than double increases in revenues from China, Philippines and Taiwan.
It is declaring an interim dividend of HK$0.015 (2009: HK$0.01) per ordinary share.
