I have decided to take profit on my investment in Transit Mixed Concrete (TMC) after their recent disappointing results release prompted a review on my initial investment thesis. In my original investment considerations (here), I mentioned that TMC was an extremely resilient business. Well, a 31% fall in revenue and a 49% fall in profits definitely changes things. Dividends were also reduced from 2 cents per half year to 1.5 cents per half year. As if to mock my lousy foresight, the management discussions stated: "The lacklustre showing was directly attributable to depressed economic conditions and contraction in demand due mainly to a slowdown in construction activities of infrastructure projects and private and public housing projects in Singapore and Malaysia." Another point that I mentioned was their good margins. TMC's 5-year average net profit margin was 15.57, and their trailing twelve months net profit margin ......