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In a move to expand its warehousing capacity in the southern Peninsular
Malaysia, Tiong Nam Logistics Solutions Sdn Bhd has acquired a land and
building in the Skudai, Johor for RM5 million.
The company has entered into a Sale and Purchase Agreement with Linocraft
Printers Sdn Bhd for the 80,000 sq ft land with a 40,000 built-up warehouse
facility recently.
Property letting and warehousing services has generated some RM8.4 million
for the companies earnings during the 2nd quarter financial results ended 30
September 2004.
The sector has contributed some RM1.35 million to the group's profit. The
huge profit from the sector mainly arose from disposal of land and building
in Shah Alam.
Transportation services continues to be the main source of revenue for the
group and has contributed some 90 per cent or RM78.39 million o the group
total revenue during the financial period.
Overall the group has recorded a moderate increase of four per cent totaling
RM86.8 million revenue for the first six months period of current financial
period.
The improvement is mainly due to increase in cargo transportation which
arose from the acquisition of consolidated cargo business from United Seino
Transportation Sdn Bhd during the second quarter. |
