February 10 - Singapore-based Tiong Woon Corporation (TWC), an integrated services provider for the oil and gas and petrochemical industries specialising in heavy lift and installation of process equipment, has seen a net profit after tax and non-controll
This compares with SGD23.1 million (USD16.32 million) it made in the previous corresponding period, reflecting difficult market conditions, says the company.
"We are starting to see signs and indicators that our markets are beginning to pick up. We remain optimistic about the long-term prospects of our business," says chairman and managing director Ang Kah Hong.
Group turnover stood at SGD82.3 million (USD58.13 million), 14 percent lower than figure achieved during the first half of the last financial year.
The group's heavy lift and haulage segment recorded SG56.1 million (USD39.62 million) in turnover, a decline partly explained by a drop in the utilisation rate for its lower-tonnage cranes.