Tan Chong predicts a lower profit of $453m for H1 2024

In H1 2023, Tan Chong reported a $309m gain.

Tan Chong International expects to record an unaudited unrealised gain of $453m (HK$262m) in H1 2024, significantly lower than the $534m (HK$309m) reported in the same period a year ago.

The company attributed the expected lower profit to a significant drop in sales, notably in Complete KnockDown (CKD) markets in Malaysia and Thailand and Complete Built-Up (CBU) markets in Taiwan, Singapore, and the Philippines.

The company also expects total profit from operations to drop from $746m (HK$432m) to $432 (HK$250m) whilst profit after tax to decline from $323m (HK$187m) to $43m (HK$25m). 

Still, Tan Chong International expects a much better performance in H2 2024, considering strong order bookings in its automotive division.

The company is preparing its consolidated interim results for the period, including other comprehensive income items, expected to be published by the end of August.