August 25 - Singapore-based Tiong Woon Corporation Holding (TWC) has reported that heavy lift and haulage contributed the largest share to total revenue over the last year.
TWC enjoyed a net profit after tax and non-controlling interest of USD 17.6 million on turnover of USD 109.6 million for the 12 months ended 30 June, 2010. This compares with USD 31.1 million and USD 149m in the preceding corresponding period.
Heavy lift and haulage contributed the largest share to total revenue, at 71 percent. Turnover was USD 77.6m compared to USD 95.7m previously because fewer integrated projects were undertaken by TWC in Asia Pacific. Utilisation and rental rates for its lower tonnage capacity cranes were also lower.
Commenting on the results, Ang Kah Hong, TWC's group chairman and managing director, said: "The results reflected difficult market conditions in general and this has had a dampening effect on the overall profitability of the group. However, we have a strong balance sheet and remain in a healthy cash position."
TWC is an integrated services provider for the oil and gas and petrochemicals industries and specialises in heavy lift and installation of process equipments. The company is ranked the 18th largest crane owning company worldwide