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Market challenges Tiong Woon

February 13 - Tiong Woon Corporation reported a profit after income taxes of SGD3.43 million (USD2.42 million) for the first half of its current financial year, which ends on June 30, 2017.

In the corresponding period of its previous financial year ending June 30, 2016, the Singapore-headquartered heavy lift, haulage, marine transport and engineering specialist posted a loss of SGD5 million (USD3.52 million). 

Revenues for the first half of its current financial year fell by four percent year-on-year to SGD65.65 million (USD46.19 million).

The company's second quarter results showed that it made a total profit of SGD2 million (USD1.41 million), compared with a SGD37,000 (USD26,030) profit in same period of 2016. The swing was due to reduced cost of sales coupled with higher margins from engineering services project in Singapore and Vietnam, said Tiong Woon.

Revenue for the second quarter of its current financial year fell by 12 percent to SGD31.26million (USD21.99 million). This was a result of a lower contribution from the company's heavy lift and haulage segment, which fell 19 percent year-on-year to SDG25.5 million (USD17.94 million), as it executed fewer projects in Singapore, India and the Middle East.

Ang Kah Hong, Tiong Woon's executive chairman and managing director, said: "The business environment remained challenging during the quarter and market conditions are not expected to improve much."

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