Continued success at Tiong Woon

18 March 2008

Tiong Woon Corporation Holdings' crane divisions made a significant showing in the company's figures for the financial year ending June 2007.

Net profit after tax and minority interest was up 155%, amounting to SG$22.5 million (US$14.7 million), while revenue rose 44% to SG$99.8 million ($65.4 million).

Some SG$67.1 million ($44 million), or 67%, of total turnover was provided by the Heavy Lift and Haulage segment. The division saw a 29% year-on-year growth mainly from business in Indonesia, Vietnam and the Middle East, explained the company.

The group's Marine Transportation segment recorded a 54% increase to SG$15.4million ($10.1 million) for the financial year.

Ang Kah Hong, TWC group chairman and managing director, said that although the market remained competitive the company's future remained bright. “We continue to be positive about growth prospects in overseas markets, especially in the oil-rich regions in view of the current shortage of energy resources worldwide.

“With the intense activity expected in the oil and gas sector in Singapore and the region, we expect to grow Tiong Woon in our core business of heavy lift, heavy haulage and marine transportation,” Ang commented.

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