February 12 - Tiong Woon Corporation Holding Ltd has posted a net profit increase of 46 percent at SGD13.4 million (USD10.6 million) for the six months ended December 31, 2013.
Despite a low turnover, gross profit for the first half of 2014 increased by 15 percent from SGD28 million (USD22.1 million) to SGD32.1 million (USD25.4 million).
Turnover for Tiong Woon's heavy lift and haulage division rose by 1 percent to SGD75.2 million (USD59.4 million), contributing to 84 percent of the group's revenue and 88 percent of the group's profit before tax (PBT).
According to Tiong Woon PBT margins for the heavy lift and haulage division are firm, reflecting the company's more heavy lift and haulage projects that involve integration with engineering services, marine transportation and project management.
Tiong Woon claims that demand for heavy lift and haulage from the oil and gas and petrochemical industries is expected to remain resilient in the region, with the group's businesses in Singapore supported by upcoming public and private sector housing, petrochemicals and infrastructure projects.
In other ASEAN countries, Tiong Woon will also focus on oil and gas, petrochemical, infrastructure development and construction opportunities, as well as forging strategic alliances and cooperation with international contractors and industry players to jointly participate in the bidding for projects.