TTJ Holdings' net profit dropped 11% to $14.9m

Blame it on lower revenue in steel business.

According to OSK, structural steel specialist TTJ Holdings reported an 11% slide in its net profit to SGD14.9m for the full year ended July 31. 

Here's more:

Management explained that the drop in earnings was due to lower revenue in the structural steel business, which fell 13% to SGD111.9m from SGD128.7m, as TTJ Holdings completed less work for ongoing projects compared to last year.

Despite, a lower turnover, profitability witnessed an improvement in gross profit margin rising to 22% from 20.6% a year ago. Additionally, TTJ Holdings states its optimism in the future as it foresees greater spending in Singapore’s construction industry. The counter closed at 29.5cent yesterday.