November 6 - Singapore headquartered Tiong Woon Corporation has released strong results for the three months ended September 2013 (Q1 2014), with turnover rising 3 percent year-on-year over Q1 2013 to USD35.9 million and gross profit jumping 30 percent to
Turnover from the group's Heavy Lift and Haulage division rose by 6 percent year-on-year to S$36 million, contributing 81 percent of its group revenue and 94 percent of the company's profit before tax. The rise was attributed to an increase in demand for its heavy lift and haulage services in the Asia Pacific region.
Tiong Woon's Marine Transport division saw revenue increase by 13 percent to USD2.82 million year-over-year in Q1 2014, resulting from greater integration with the Heavy Lift and Haulage division. Its Engineering Services division, however, reported a turnover decrease of 56 percent to USD1.45 million, due to completion of the Tuaspring Desalination project and a lower percentage of completion of Tuas New Yard Phase 1 project.
"I am happy with our ability to achieve good financial performance despite the challenging business environment marked by rising labour costs and economic uncertainties," said Ang Kah Hong, Tiong Woon's executive chairman and managing director. "As the Singapore economy restructures for its next phase of growth, improving on productivity will be a key concern of every company. In this regard, it is noteworthy that Tiong Woon maintains its competitive edge by continuously making incremental improvements to its productivity."