August 26 - Tiong Woon posted a 10 percent year-on-year decrease in the turnover of its heavy lift and haulage business segment for the financial year ended June 30, 2015, from SGD142.1 million (USD101.4 million) to SGD128.5 million (USD91.6 million).
Tiong Woon put the fall in turnover down to a decrease in heavy lift and installation projects undertaken by the group in the Asia Pacific region.
Profit before tax from the heavy lift and haulage segment also fell by 28 percent from SGD21.7 million (USD15.4 million) to SGD15.6 million (USD11.1 million) in the reporting period.
Turnover of the company's marine transportation segment decreased by 6 percent year-on-year, which Tiong Woon attributed to fewer chartering projects during the financial year.
Overall, the group reported a turnover of SGD145.7 million (USD103.9 million) for the 2015 financial year, which is a decrease of 12 percent compared with the previous financial year.
The group put the drop in total turnover down to the decrease in contributions from both the heavy lift and haulage and engineering services business units.
For the next 12 months, Tiong Woon said that the lower oil and LNG prices are expected to keep heavy lift and haulage demand from the oil and gas and petrochemical industries relatively soft.
However, the company was optimistic that business for crane operators will remain steady due to construction beginning on the Refinery and Petrochemicals Integrated Development (RAPID) project in Pengerang, Malaysia. Singapore's ongoing public sector infrastructure development is also expected to lend some support to heavy lift and haulage demand, added Tiong Woon.