Tiong Woon revenue up 22%, profit up 400%

Singapore-based crane and transport company Tiong Woon’s holding company posted a revenue rise of 22% and a four fold profit increase for the first quarter of its 2013 fiscal year, ending 30 September. The growth was largely from the Heavy Lift and Haulage segment. That division contributed S$34.3 million (US$ 28 million), or about 78%, to the overall turnover. This is an increase of S$9.3 million (US$ 7.6 million), or 37%, from the previous corresponding quarter. The increase is mainly attributed to more heavy lift and installation projects in the Asia Pacific region.

Total group revenue for the period was S$43.9 million (US$ 36 million) up from the S$36.0 million (US$ 30 million) in the same period of 2012 while net profit was S$4.1 million (US$ 3.4 million).

Fewer integrated haulage and marine projects in the quarter saw Marine Transportation segment turnover down 18% to S$3.1 million (US$ 2.5 million). Revenue from the Trading segment was also down, to S$1.9 million (US$ 1.6 million) from S$2.9 million (US$ 2.4 million) previously, as the Group sold less equipment in the latest quarter.

“It has not been an easy quarter, and overall, the environment is still challenging. However, my team has worked hard and I’m glad that our efforts have translated into positive numbers,” commented Ang Kah Hong, Tiong Woon Group chairman and managing director.

Looking ahead, Ang said, “There are pockets of opportunity and we will do our best to tap on these to secure new contracts and grow the business,” adding that prospects for the group continue to be positive in the long term.

Tiong Woon Corporation primarily supplies its services to the oil & gas and petrochemicals industries and it specialises in heavy lift and installation of process equipment. TWC was ranked 14th in the 2012 IC50 ranking of the world’s largest crane-owning companies.