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Revenues up for Tiong Woon

November 11 - Tiong Woon Corporation achieved revenue of SGD34.4 million (USD24.35 million) in first quarter of its 2016-2017 financial year ending September 30, an increase of SGD1.3 million (USD0.92 million) or 4 percent for the same period of 2015.

The increase was mainly attributed to the increase in contributions from the company's engineering services and trading segments.

Gross profit in the period was SGD7.5 million (USD5.31 million), a decrease of SGD0.5 million (USD0.35 million) or 6 percent compared to the same quarter from the previous year.

The group reported a profit before income tax of SGD2.1 million (USD1.49 million) in the quarter compared to a loss before income tax of SGD4.8 million (USD3.4 million) in the same quarter of the previous year, mainly due to higher gain on disposal of plant and equipment, gain from the disposal of a subsidiary, exchange gain and lower impairment loss on trade receivables.

Ang Kah Hong, Tiong Woon's executive chairman and managing director, said: "Despite the challenging and competitive business environment, we have managed to maintain our strong market share and remain focused on our core businesses. We strive to optimise our cost management and productivity to enhance our competitive edge."

In the company's heavy lift and haulage sector revenue decreased by SGD3.7 million (USD2.62 million) or 12 percent to SGD27.4 million (USD19.39 million) mainly due to fewer projects executed in India and Thailand. The heavy lift and haulage segment recorded a profit before income tax of SGD3.1 million (USD2.19 million) an increase of SGD1.4 million (USD0.99 million, mainly due to higher operational exchange gain and no provision made for impairment loss on trade receivables.

In the marine transportation sector revenue decreased by SGD0.2 million (USD0.14 million) or 20 percent to SGD0.9 million (USD0.64 million), mainly due to fewer chartering jobs secured as a result of the downturn in the marine and offshore industry.

The company says the operating environment continues to be challenging and competitive amid the slowdown in demand in the key markets in which it operates. The group expects that the on-going public sector infrastructure development in Singapore will support the impetus for heavy lift and haulage services.

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