Profit up 240% at Tiong Woon

17 November 2008

Tiong Woon Corporation Holding Ltd (TWC) announced a net profit after tax and minority interest of S$11.0 million (US$7.2 million) for the three months ended 30 September 2008, an increase of 240% over the S$3.3 million (US$2.2 million) from the same period the previous year.

Turnover at the Singapore-based company was up 54% to S$45.4 million (US$30 million) from S$29.5 million (US$19 million) in the same period the year before. Profit before tax for the first three months saw an increase of 167% to S$13.6 million (US$8.9 million). The increase in the Group's turnover was mainly attributed by TWC to the increase in contributions from its Heavy Lift and Haulage and Fabrication & Engineering segments.

Ang Kah Hong, TWC group chairman and managing director, said he was satisfied with the Group's performance, "We are still keeping busy and are currently working on a number of on-going projects."

The Heavy Lift and Haulage Segment contributed S$31.4 million (US$21 million), giving profit before tax of S$12.4 million (US$8.1 million), an 80% increase. The S$9.9 million (US$6.5 million) rise in turnover is a 46% year-on-year increase.

Although the Marine Transportation Segment saw a 10% drop in turnover to S$3.3 million (US$2.2 million), it still contributed positively with a pre-tax profit of S$2.5 million (US$1.6 million), up 149% from the previous corresponding quarter.

No cranes were sold in the first quarter so the Trading Segment saw an 88% decline in turnover to S$0.3 million (US$197,000) from S$2.7 million (US$1.8 million) previously.

Ang remains cautiously optimistic on outlook in the near term, "In the next year or so, our orders remain strong and there are still business opportunities in the market for us. We continue to stay focused on our core business activities and actively pursue business opportunities in infrastructure, power plants, petrochemicals and Oil & Gas projects here and in the region. In addition, we will continue to practise prudent cost control and management."

The Group remains committed to extending abroad, notably including Indonesia, Brunei, Malaysia, Philippines, Thailand, Vietnam and the Middle East, Ang said.

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