SINGAPORE (Dec 5): Steel fabricator TTJ Holdings reported a 28% rise in 1Q earnings to $976,000 from $760,000 a year ago.

Revenue rose 39% to $19 million due to the increase in contribution from the structural steel business.

Cost of sales rose a slower 34% to $15.4 million, leading to a 6% increase in gross profit to $3.6 million.

Administrative expenses increased 58% to $2.9 million mainly due to an increase in staff related costs and donation.

Profit before tax of the group came in at $1.1 million compared to $0.7 million.

As of Wednesday, TTJ’s order book stands at $198 million with projects expected to be substantially completed between FY2019 and FY2021.

Looking ahead, the group expects the operating environment to be increasingly challenging.

Year to date, shares in TTJ are down 2 cents to close at 29 cents on Wednesday.