Tiong Woon returns to profit with strong contributions across various segments
Tiong Woon Corp Holding has engineered a sharp turnaround in its fortune, with a full year net profit of $17.6 million against a loss of $4.8 million last year.
Revenue for the year ended June 30 was up 36 per cent at $200.5 million.
Turnover from the heavy lift and haulage division rose 35 per cent to $154.4 million, contributing 77 per cent of revenue and 94 per cent of pretax profit.
This was mainly attributed to higher equipment utilisation rate and an increase in the number of heavy lift and installation projects undertaken by the group in the region.