Tiong Woon posts S$125.9 million turnover

Tiong Woon reported a turnover of S$125.9 million (US$ 100 million) for the first nine months of the financial year ending 31 March 2014. This is compared to the S$144.2 million (US$ 115 million) recorded for the same period in the last financial year.

Despite a lower turnover, the gross profit for for the period increased by 9 % from S$39.6 to S$43.0 million (US$ 32 to 34 million), the company said.

Ang Kah Hong, Tiong Woon Group chairman and managing director, said, “The Group has braved a challenging quarter and realigned our business strategy accordingly. Moving forward, we will remain vigilant in growing our core businesses and strive for greater improvements in operational efficiency, cost control and financial management. Tiong Woon will actively pursue new business opportunities in the oil and gas as well as petrochemical sector in Singapore and the region.”

Turnover from the heavy lift and haulage segment for the nine-month period was S$109.5 million (US$ 88 million) and the turnover from the marine transportation segment decreased by 2 % to S$ 7.9 million (US$ 6 million).

At 31 March 2014 the Group’s net assets were worth S$ 255.2 million (US$ 204 million), including a fleet of 430 cranes, 270 vehicles and equipment, and 19 tugs and barges.