Profits leap 87% at Tiong Woon

Singapore-based Tiong Woon Corporation (TWC) reported massive profit growth in the first six months of its ongoing financial year.

The company’s heavy lift and haulage segment played the biggest part in the increase with an 87% leap in profit before tax. That amounted to S$11.4 million (US$8 million), with turnover for the segment reaching S$44.2 million ($31.2 million) by 30 December 2007.

Overall, the group, which includes the marine transportation and trading segments, posted a record turnover of S$65.8 million ($46.5 million), up 49% from the same period last year. Profit before tax was S$12.8 million ($9 million).

“With Singapore’s economy growing at a brisk 7.5% in 2007 and construction GDP at double-digit growth, it is not surprising that the group’s strongest contribution came from its home base,• said the company.

Singapore contributed 57% of revenue, up from 47% in the same 2006 period. Thailand was up 3% from last year to 14%.