Revenue jump at Tiong Woon

Singapore-based Tiong Woon has reported a 41% increase in revenue for its financial year ended 30 June 2012, achieving S$ 151.2 million (US$ 121 million), compared to S$ 106.9 million (US$ 86 million) in 2011.

Despite the rise in turnover, however, the heavy lift and transport specialist registered a loss before tax of S$ 3.9 million (US$ 3.1 million).

Ang Kah Hong, group chairman and managing director, said rising expenses, currency exchange loss and impairment loss on trade receivables had affected the group's financial performance.

Tiong Woon's domestic market remained its main turnover contributor in terms of geographical spread, increasing its FY2012 contribution by S$ 10.5 million (US$ 8.4 million), or 16%, to S$ 74.6 million (US$ 60 million). This was followed by growth from the Middle East and Malaysia, with the former registering a S$ 13.1 million (US$ 10.5 million) or 127% increase to S$ 23.4 million (US$ 18.7 million) and the latter, a S$ 11.8 million (US$ 9.5 million) or 424% increase to S$ 14.5 million (US$ 11.6 million).

For FY2012, the group's Heavy Lift and Haulage segment saw its revenue increase by S$ 29.2 million (US$ 23.4 million), or 34%, to S$ 114.8 million (US$ 92 million). Revenue for Marine Transportation was S$ 16.4 million (US$ 13.1 million) in FY2012, up 70% from S$ 9.7 million (US$ 7.8 million).

Revenue from the Fabrication & Engineering segment was also up, with an increase of 177% to register FY2012 revenue of S$ 13.8 million (US$ 11 million).

Revenue for the Group's Trading segment dropped to S$6.2 million (US$ 5 million) compared to S$6.7 million (US$ 5.4 million). This was due to the sale of fewer higher capacity cranes in the year.