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Heavy lift earnings boost Tiong Woon result

November 9 - Singapore-based Tiong Woon Corporation Holding has posted results for its fiscal 2013 first quarter ended September 30, 2012 showing a net profit of SGD4.1 million (USD3.3 million), up fourfold from SGD1 million (USD816, 000) it achieved in t

Revenue came in at SGD43.9 million (USD358.2 million), up by 22 percent from the SGD36.0 million (USD29.3 million) it registered the year before.

The group's heavy lift and haulage segment contributed SGD34.3 million (USD27.7 million), or about 78 percent, to the overall turnover. This is an increase of 37 percent, from the previous corresponding quarter.

A statement said the increase was mainly attributed to more heavy lift and installation projects undertaken by the group in the Asia Pacific region.

Ang Kah Hong, group chairman and managing director, commented: "It has not been an easy quarter, and overall, the environment is still challenging."

www.tiongwoon.com

Heavy Lift | News

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