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Record profits for Tiong Woon

August 28 - Singapore-based Tiong Woon, a leading, one-stop integrated services provider of infrastructure businesses for the oil and gas, petrochemical, power and construction industries, has announced record profits for its financial year ending 30 June

The company which provides a diverse range of heavy lift services reported a net profit after tax and minority interest of SG$42.3 million (USD29.4 million) for the financial year ending 30 June 2009, up 51 percent on the previous year.

The Group also returned in highest ever turnover of SG$202.3 million (USD140.6 million), up 28 percent from the previous year.

A company statement said that this was mainly the result of bigger contributions from its heavy lift and haulage, and fabrication and engineering segments.

"It has not been an easy year and market conditions were fairly challenging. But our team at Tiong Woon persevered and worked hard, and it is heartening that our efforts have not been in vain," said Ang Kah Hong, Tiong Woon Corporation Holding Ltd (TWC) group chairman and managing director.

The majority player in regards to turnover was the company's heavy lift and haulage business which contributed SG$130.6 million (USD90.8 million), a 32 percent increase, year-on-year. "This was due mostly to the increase in integrated projects undertaken by the group in the Asia Pacific region," said the company.

Tiong Woon is a leading, one-stop integrated services provider of infrastructure businesses for the Oil and Gas, Petrochemical, Power and Construction industries. It specialises in heavy lift, heavy haulage and process equipment installation; offshore marine services and transportation; and oil and gas fabrication and engineering works. It also trades heavy equipment and supplies tower cranes.

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