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Lower profit for Tiong Woon in third quarter

May 11 - Tiong Woon Corporation Holding Ltd (TWC) has announced a net profit after tax and non-controlling interest of SGD9.6 million (USD 7.1) for the third quarter of its financial year ended 31 March 2010 - an increase of 35 percent over the SGD7.1 mil

Commenting on the results, Ang Kah Hong, group chairman and managing director, said he is satisfied with the Group's overall performance considering that the third quarter is a seasonally slower quarter compared to the rest of the year. He said: "It has been a challenging quarter for us with lots of ups and downs. To some extent, our results reflect the lagged effect of a down cycle in the market."

TWC is an integrated services provider for the Oil & Gas and Petrochemicals industries and specialises in heavy lift and installation of process equipments.

For the third quarter ended 31 March 2010, turnover from Heavy Lift and Haulage division was SGD22.4 million (USD 16.3) compared to SGD29.4 million (USD 21.4) previously. The difference was due largely to lower contributions from Thailand, Indonesia, China and Singapore and a drop in the utilisation rate for its lower tonnage capacity cranes. Profit before tax was SGD2.8 million (USD 2.04) compared to SGD10.7 million (USD 7.8) previously, as a result of lower turnover and to a smaller extent, higher depreciation and maintenance costs for the Group's heavy equipment.

A company statement said that whilst the recovery of the global economy remains uncertain, the rapid rise in oil prices over the past few months are positive signs.

Looking beyond the short range horizon, the Group retains a cautious optimism about its longer term prospects, considering the fact that TWC is one of a few specialised contractors in the region that supports the oil & gas, power generation and petrochemicals industries.

Mr Ang said: "Tender activities have continued to keep us busy over the past few months. We have been participating in tenders for numerous overseas projects, in particular in China, India, Vietnam, Thailand, Indonesia and the Middle East, where we have witnessed a spike in activity levels in recent months following the gradual recovery in global market conditions."

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