Tat Hong's profit halves as key businesses suffer double-digit percentage fall in sales

Tat Hong Holdings first quarter net profit has halved to $8.2 million from $16.7 million on the back of an 18 per cent drop in revenue to $175.5 million. -- FILE PHOTO: TAT HONG HOLDINGS
Tat Hong Holdings first quarter net profit has halved to $8.2 million from $16.7 million on the back of an 18 per cent drop in revenue to $175.5 million. -- FILE PHOTO: TAT HONG HOLDINGS

Tat Hong Holdings' first quarter net profit has halved to $8.2 million from $16.7 million on the back of an 18 per cent drop in revenue to $175.5 million.

Contributions from its two biggest revenue generators - distribution and crane rental - suffered double-digit percentage fall in sales during the three months ended June 30.

The third leg of its business, general equipment rental, also saw its turnover fell by double digits.

Tower crane rental, which is the smallest part of Tat Hong's business, saw a 6 per cent growth in revenue.

Earnings per share eased to 1.08 cents from 2.92 cents previously while net asset value per share fell to $1.05 compared to $1.08 as at March 31.