Tiong Woon reports 46% drop in full year net profit to $12 million

SINGAPORE - Mainboard-listed Tiong Woon Corporation Holding, a leading one-stop integrated heavy lift specialist and services provider, announced on Tuesday that full year earnings fell 46 per cent.

Net profit for the 12 months to June 30 was S$12 million, while revenue dipped 12 per cent to S$145.7 million.

The firm said that despite the challenging times, the board is proposing a dividend of 0.4 cent per share.

Group chairman Ang Kah Hong said: "Despite the challenges faced during the year, Tiong Woon was able to remain profitable. The business environment is expected to remain tough going forward, but Tiong Woon is committed to focus on delivering our best to customers and shareholders.

"We remain on the lookout for strategic business opportunities that would allow us to expand our services."

Earnings per share for the year was 2.57 cents, down from 4.75 cents a year ago, while net asset value was 58.25cents as at June 30, up from 56.04 cents a year ago.