TTJ

TTJ: TTJ’s 1QFY15 net profit fell 10% y/y to $4.2m, while revenue fell 23% to $24.7m mainly due to lower sales in the structural steel business offset by increased dormitory revenue. Gross margin rose 4.7ppt to 30%, mitigating deterioration in bottom line. Order book stood at $99m, which would be recognized over FY15-16. Meanwhile, management cites healthy level of enquiries in both private and public sector projects. TTJ is trading at 7.5x annualized 1QFY15 P/E.