KUALA LUMPUR (Aug 27): Tiong Nam Logistics Holdings Bhd shares fell 2.97% this morning after its net profit for its first quarter ended June 30, 2019 (1QFY20), dropped 60% to RM1.94 million, from RM4.86 million in the previous year's corresponding quarter, amid losses in the hotel and dormitory segments.

At 9.08am, Tiong Nam fell 1.5 sen to 49 sen, valuing the company at RM225.78 million.

The logistics and property player posted a 3% decline in its quarterly revenue to RM150.03 million, from RM155.15 million a year earlier.

The property development segment was a drag on revenue, given the 75% year-on-year decline in contribution to RM6.2 million, which was attributed to the challenging environment in the property market.