Tiong Woon profit rises 11%
By Laura Hatton11 November 2013
Tiong Woon Corporation Holding Ltd (Tiong Woon) reported an 11 % increase in profit for the quarter ended 30 September 2013.
Figures released by the company show that turnover rose 3 % to S$44.6 million (US$ 35.7 million) and gross profit rose 30 % to S$14.8 million (US$11.8 million) for the 3 months ended 30 September 2013 over the same period a year before.
The heavy lift and haulage division rose 6 % to S$36.3 million (US$29 million), contributing 81 % of the group's revenue and 94 % of profit before tax, a company spokesperson said. The growth was mainly due to an increase in heavy lift and haulage projects in the Asia Pacific region, a spokesperson added.
Commenting on the results, Ang Kah Hong, Tiong Woon executive chairman and managing director, said, “I am happy with our ability to achieve good financial performance despite the challenging business environment marked by rising labour costs and economic uncertainties.
“As the Singapore economy restructures for its next phase of growth, improving on productivity will be a key concern of every company. In this regard, it is noteworthy that Tiong Woon maintains its competitive edge by continuously making incremental improvements to its productivity,” Ang concluded.
At 30 September 2013, Tiong Woon had 431 cranes in its lifting fleet and 262 vehicles and equipment in haulage assets.