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Tiong Nam 1Q net profit drops 95%, to spend RM100m on capex in FY18

Mimi Sabreena 7:27:00 PM Informasi

KUALA LU MPUR (Aug 28): Tiong Nam Logistics Holdings Bhd, which saw its first-quarter net profit drop 94.9% year-on-year (y-o-y), will spend RM100 million on capital expenditure (capex) for the financial year ending March 31, 2018 (FY18).

Tiong Nam managing director Ong Yoong Nyock said the capex will be utilised to purchase new vehicles to grow the logistics and warehousing provider's transportation fleet, build new warehouses in line with growing demand, and strengthen its newly-established Southeast Asia to China cross-border logistics network.

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