May 7 - Heavy lift and specialist service provider Tiong Woon Corporation has reported a turnover of USD34.5 million for the three-months ending March 31, 2015 - a 6 percent year-on-year decline.
The revenue decline was attributed to fewer heavy lift and installation projects undertaken by the company's Heavy Lift and Haulage department.
Tiong Woon also saw profitability slip to USD2.3 million in the trading period - a 41 percent decline from USD3.9 million twelve months previously. The company said challenging conditions in the oil and gas and petrochemical industries harmed profitability.
It said the outlook for the oil and gas industry is likely to remain soft as oil prices remain relatively low. However, Tiong Woon sees opportunities for heavy lift and project work at the upcoming Refinery and Petrochemicals Integrated Development (RAPID) project in Pengerang, Malaysia, as well as ongoing public infrastructure work taking place in Singapore.