Tiong Woon profit up 129%

15 April 2008

Latest figures from heavy lift and transport specialist Tiong Woon Corporation show net profit has more than doubled. A net profit figure of S$7.1 million (US$4.6 million) was posted for the first half of the 2007 financial year (the six months to the end of the 2006 calendar year), a 129% increase over the S$3.1 million for the corresponding period in the previous year.

Turnover for the Singapore-based company's first six months of the 2007 financial year was S$44.1 million, up 52% from S$28.9 million recorded in the previous corresponding period. Primary contributor was the Heavy Lift & Haulage segment where turnover increased 19% to S$29.1 million. The Marine Transportation business segment recorded a 121% increase to S$8.6 million. In percentage terms the Trading segment recorded the greatest growth, at 946%, to S$6.4 million, due largely to higher sales of cranes.

“It is an excellent set of results and it is a record since our listing. But we cannot rest on our laurels. We must continue to work hard to ensure that we continue to sustain our growth,” Ang Kah Hong, TWC group chairman and managing director, commented.

Ang added that TWC aims to grow in a new business area as an oil and gas service provider. Most recently it set up in Saudi Arabia (IC February News, page 6). In November 2006, it bought a 65 hectare fabrication yard in Indonesia to support its fleet of heavy lift equipment, tugs and barges and, in due course, to develop an income stream from fabrication and engineering projects.

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