February 10 - Singapore-based Tiong Woon Corporation (TWC) has announced its results for its first half 2012, with a 36 percent increase in revenue from SGD54.7 million (USD43.4 million) to SGD74.6 million (USD59.3 million) for the six months ended 31 Dec
The company says that the increase in turnover was due to the overall rise in revenues from all of the Group's business segments.
TWC claims to be the only regional company in Asia which possesses integrated heavy lift, heavy haulage and offshore marine capabilities as well as fabrication yard resources
Ang Kah Hong, group chairman and managing director, said: "My team has worked very hard over the last few months to secure new projects and are currently executing the on-going projects. We are seeing a gradual increase in enquiries, with a slight pick-up in activities in the downstream oil and gas and petrochemical sectors. Our business development activities are intensifying, both locally and around the region as we source for new business opportunities."
TWC is an integrated services provider for the oil and gas and petrochemicals industries and specialises in heavy lift and installation of process equipment. The group is ranked the 18th largest crane-owning company worldwide a leading crane industry magazine. It is one of 10 companies in the world to have a single largest crane of 1,600 tonne lift and above, its Terex Demag CC 8800-1 crane.
The group's heavy lift and haulage segment saw its revenue increase by SGD6.6 million (USD5.2 million), or 29 percent, to SGD29.1 million (USD23.1 million) following a rise in integrated projects undertaken in Asia Pacific, recording a profit before tax (PBT) of SGD200,000 (USD159,046) compared to SGD1.0 million (USD795,190) in the previous corresponding quarter. Despite its higher revenue, the segment recorded a lower PBT in the three months ended 31 December 2011 as there was an exchange loss of SGD1.3 million (USD1.03 million) as compared to an exchange loss of SGD300,000 million (USD238,456) for the previous corresponding quarter.
The group is currently working on a number of projects including: a contract involving marine and engineering works for Tuaspring Desalination Plant, the largest desalination plant in Singapore with Hyflux Ltd as the main EPC contractor; and two contracts to supply heavy equipment and marine transportation in Myanmar and Malaysia for oil and gas projects.