TA Corporation

TA Corporation: 4Q13 net profit grew 19.1% y/y to $9.3m on lower share of profits to non-controlling interests, while revenue declined 15.3% to $80.1m. This brought FY13 earnings to $29.3m (-26%) and revenue to $297.2m (20%). The negative performance was mainly due to lower contributions from real estate development projects (-56%), which was partially offset by an increase in its construction (+2%) and maiden contribution from its distribution business. Overall gross profit margin for FY2013 lowered 2.5ppts to 19.1%. Group proposed a first and final dividend of 1¢/share, compared to the 1.3¢ paid out in FY12.