August 27 - In its financial year 2013 (FY2013) results, Singapore headquartered Tiong Woon Corporation saw revenue rise 36 percent year-on-year over FY2012 to SGD200.5 million (USD156.2 million). Net profit during FY2013 equated to SGD17.6 million (USD13
Gross profit surged 81 percent year-on-year in FY2013 to SGD59.1 million (USD46.04 million). Tiong Woon's gross profit margin rose from 22 percent in FY2012 to 29 percent in FY2013.
FY2013 profit before tax stood at SGD23.9 million (USD18.62 million) up from a SGD0.08 million (USD0.06 million) loss the previous financial year.
Results for its Heavy Lift and Haulage division rose 35 percent to SGD154.4 million (USD120.28 million), contributing 77 percent of revenue and 94 percent of profit before tax. The performance of the Heavy Lift and Haulage division was mainly attributed to a higher equipment utilisation rate and an increase in the number of heavy lift and installation projects undertaken by Tiong Woon in the region.
Turnover for the Marine Transportation division decreased by 36 percent from SGD16.4 million (USD12.78 million) to SGD10.6 million (USD8.26 million) due to less heavy lift projects requiring integration with Marine Transportation.
As at 30 June 2013, Tiong Woon has a fleet of 427 cranes in lifting assets, 233 vehicles and equipment in haulage assets and 19 tugs and barges in marine assets
During FY 2013, the company was involved in more complex projects involving project management and integration of its heavy lift and haulage, marine transportation, logistics, civil engineering and installation divisions. An example of such a project was for the Jurong Aromatics Corporation's xylene splitter column. Measuring 108 m tall and weighing in at 1,147 tonnes, Tiong Woon coordinated the transportation, lifting and installation of the column. The project required precise planning across land and sea. Works included the construction of a temporary jetty on Jurong, road modification from the jetty to the installation site, including removing and replanting approximately 300 trees along the route.
"The outlook for the year ahead will continue to be challenging as the world economy is still beset by uncertainties. As such, we continue to actively pursue business opportunities in ASEAN and the Middle East, focusing on infrastructure development and construction opportunities in the oil & gas and petrochemical industries," said Tiong Woon's group chairman, Ang Kah Hong.