August 21 - Tiong Woon Corporation Holding posted a 25 percent year-on-year increase in net profit to SGD22.1 million (USD17.6 million) for the financial year ended June 30, 2014.
This was despite an 18 percent decrease in turnover to SGD165.3 million (USD132.2 million), compared with SGD200.5 million (USD160.3 million) in Tiong Woon's 2013 financial year.
Tiong Woon's heavy lift and haulage segment's turnover declined from SGD154.4 million (USD123.4 million) to SGD142.1 million (USD113.6 million), which it attributes to executing fewer heavy lift and installation projects during the financial year.
However, the company says that demand for heavy lift and haulage from the oil and gas, and petrochemical industries remains resilient.
Ang Kah Hong, group chairman and managing director of Tiong Woon, said that its 2014 financial year had been a challenging one.
"Looking ahead, Tiong Woon will continue to actively pursue new business opportunities in the oil and gas and petrochemical sectors across the region, while striving for improvements in operational efficiency, cost control and financial management," added Hong.