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Tiong Woon reports increased revenues but drop in profit

November 9 - For the first quarter 2011, ended 30 September 2011, Tiong Woon Corporation Holding Ltd (TWC) has recorded revenues of SGD36.0 million (USD28.1 million), up 25 percent from SGD28.8 million (USD21.8 million) from the previous corresponding qua

The biggest contributor was the Heavy Lift and Haulage segment which reported a profit of SGD25 million (USD19.5 million), up 8 percent from SGD23.1 million (USD18.04 million) a year ago. This was due to an increase in projects in the Asia Pacific region, the company said in a stock exchange filing.

Tiong Woon group chairman Ang Kah Hong said the results were satisfactory given the challenging business climate.

"We have on-going projects and also a few new ones secured recently, and we will focus on executing these well. At the same time, we continue to prospect vigilantly for new business opportunities," he added. Just last week, TWC announced that it would set up a representative office in Myanmar to prospect new business and tap on new business opportunities there. This follows a contract related to a pipeline-laying project located in Myanmar that will see Tiong Woon supplying cranes as well as providing marine transportation. The contract was signed with an India-based conglomerate that provides integrated design, engineering, procurement, construction and project management services in the energy and infrastructure sectors globally.

Higher turnover from the company's Marine Transportation segment, which grew 43 percent to SGD3.8 million (USD2.9), was a result of several significant charter contracts executed in the quarter and an increase in its utilisation rates.

On the whole, the group said that its financials remained strong with total assets of SGD371.9 million (USD290.4 million) as at 30 September 2011.

Ang added that the on-going sovereign debt crisis in Europe and the weak economic growth in the United States may have a negative impact on global economic growth and stability.

"Against such a backdrop, business conditions for the Group will continue to be challenging. The competitive environment motivates us to work much harder and compels us to watch our costs and expenses more vigilantly," he said.

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