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LAST year was dotted by the return of higher commodity prices and better economic growth. The world’s economies on average are back in business as growth rates and trade have started to improve once again after some period of uncertainty caused by a cooling China economy and also the slump in global crude oil prices. (145-1)
KIAN CHONG, 40, is the grandson of the late Tan Sri Loh Boon Siew, who in his lifetime was the richest man in Penang. (0-2)
A slowing Asian automotive industry and the stronger Japanese yen sent half-year earnings tumbling at motor distributor Tan Chong International.
Second Chance Properties’ net profit for the second quarter fell 64% to $1.1 million on lower revenue and gains from the fair valuation of properties. Revenue for the three months ended Feb fell 16% to $8.4 million. Its fair value gains on properties dropped by half to $553,000, while the loss on fair valuation of assets widened from $690,000 to $1.58 million. The counter closed at 24.5 cents on Wednesday.
Motor vehicle company Tan Chong International recorded an 11.7 per cent drop in full-year net profit, thanks to valuation losses on investment properties, as well as currency volatility.