STRUCTURAL steel fabricator TTJ Holdings saw net profit dive 58 per cent to S$3.8 million for the financial year 2019 ended July. This translates to an earnings per share of 1.08 Singapore cents, compared to 2.55 cents a year ago.
Revenue for the year dropped 17 per cent to S$76.6 million, mainly due to lower contributions from the structural steel business, with fewer works completed for ongoing projects. Revenue recognition was hit by project delays, arising from the rescheduling of certain projects. TTJ has a sizeable order book of S$182 million, with projects expected to be mostly completed between FY2020 and FY2022. But it expects tougher times ahead.
TTJ chairman and managing director Teo Hock Chwee however remains optimistic about the company's entry into the wood pellet manufacturing business.