SINGAPORE - Crane operator Tat Hong's net profit for the first quarter plunged 53 per cent to $2.8 million compared to the same period last year.
Revenues for the three months ended June 30 decreased by 15 per cent to $139.3 million due to the disposal of a crane rental subsidiary and a weaker Aussie dollar.
Weakness in the ASEAN and Australian markets for its crane rental business will continue to adversely affect the company's performance. However, the tower crane rental business is expected to grow steadily on the back of on-going projects and new opportunities in China, said the company yesterday in a statement.
Earnings per share for the quarter was 0.44 cent, down from 0.95 cent the previous year. Net asset value per share was $1.02 as at June 30, down from $1.03 as at March 31.
The counter closed 0.95 per cent lower at 52 cents on Friday.