Tat Hong dips in fourth quarter

Singapore-based crane sales and rental company Tat Hong Holdings has announced that its net profit declined by 86% in the fourth quarter of 2008, compared to same period in 2007.

In a statement to Singapore Exchange the company said net profit for the quarter was SG$3 million (US$2 million). The drop was mainly due to the booking of foreign exchange losses of about SG$23 million (US$15 million).

"As a result of the weakening economy, prudence in capital investments and the tightening of credit by most banks have affected our equipment sales business," said Roland Ng, Tat Hong president and chief executive officer.

"Going forward, the group will remain prudent through capital and risk management strategies, and continue to focus on the rental business for long-term growth," he added.