Transit-mixed Concrete's net profit crumbles 51% to $1.6m

Blame it on the slowdown in construction activities.

Singapore-listed Transit-mixed Concrete has failed to cement a good half-year as its earnings collapsed 51% to $1.6 million.

This has been a steep decline from $3.3 million profit recorded last period.

Its overall headline for the half-year ending in August fell 31% to $11.8 million compared to $17.1 million recorded in the previous period.

"The lacklustre showing was directly attributable to depressed economic conditions and contraction in demand due mainly to a slowdown in construction activities of infrastructure projects and private and public housing projects in Singapore and Malaysia," the group said.

The group said weak demand and stiff competition may continue to badger its performance during the rest of the financial year.