Record profits at Tiong Woon

The Singapore-based heavy lift services company reported a net profit after tax and minority interest of SG$42.3 million (US$29.4 million) for the financial year ending 30 June 2009.

The Group also turned in its highest turnover of SG$202.3 million ($140.6 million), up 28% from SG$157.8 million ($109.7 million) the previous year. This was mainly thanks to bigger contributions from its heavy lift and haulage, and fabrication and engineering segments. Earnings per share stood at 12.54 SG cents, compared to 8.28 SG cents.

"It has not been an easy year and market conditions were fairly challenging. But our team at Tiong Woon persevered and worked hard, and it is heartening that our efforts have not been in vain," said Ang Kah Hong, Tiong Woon Corporation Holding Ltd (TWC) group chairman and managing director.

The heavy lift and haulage business contributed the lion's share of turnover, amounting to SG$130.6 million ($90.8 million), a 32% increase. "This was due mostly to the increase in integrated projects undertaken by the group in the Asia Pacific region," said the company.

Turnover from the trading segment dropped by 30% to SG$13.8 million ($9.6 million), as the group sold fewer cranes compared to the 2008 financial year. However, the heavy lift and haulage segment made the largest contribution to profit before tax of S$52.2 million ($36.3 million) for the financial year, up S$22.8 million ($15.9 million), or 78% year-on-year.

As Tiong Woon is one of a few specialized contractors engaged in the oil & gas and petrochemical sectors, said the compnay, Ang remains confident about its long term prospects in the market. "The company will actively pursue business opportunities in infrastructure, power plants, petrochemicals and oil & gas on the home front as well as in other key markets such as the People's Republic of China, Thailand, Indonesia, Vietnam, Brunei, India, Malaysia and the Middle East."