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.

Turnover for Marine Transportation division, however, slumped by 36 per cent to $10.6 million due to fewer heavy lift and haulage projects that required integration with marine transportation.

Meanwhile, the engineering services division grew its turnover by 121 per cent to $23.3 million.

This was mainly due to higher percentage of completion of the Tuas New Yard Phase 1 project and the Tuaspring Desalination project.

Similarly, the trading division, which handles supply and distribution of machinery, equipment and spare parts, registered a strong 97 per cent increase in turnover to $12.2 million.

"While we witnessed a substantial improvement in revenue across most of our business segments, we have also been working diligently on improving our profitability," said Tiong Woon group chairman and managing director Ang Kah Hong.

"This has been achieved by enhancing our operational efficiency and utilisation of our equipment fleet, and at the same time, securing better-margin projects."

Earnings per share amounted to 3.79 cents against loss of 1.11 cents previously while net asset value per share firmed to 51.22 cents from 47.85 cents.

An unchanged final dividend of 0.4 cent a share was recommended.