Tiong Woon profit down to S$1mn

Yet its revenue soared 25% to S$36m for fiscal 2012 first quarter ended 30 September 2011.

Tiong Woon Corporation Holding Ltd (TWC) Tuesday announced its results for its fiscal 2012 first quarter ended 30 September 2011. It posted a revenue of S$36.0 million, up 25 per cent from S$28.8 million in the previous corresponding quarter, and announced a net profit after tax and non-controlling interest of S$1.0 million compared to S$1.3 million previously. Earnings per share was 0.27 cent compared to 0.36 cent previously.

The increase in turnover was due to the overall increase in revenues from all of the Group’s business segments, resulting in an increased profit before tax of S$2.5 million, from S$1.6 million in the previous corresponding period.

Mr. Ang Kah Hong, Group Chairman and Managing Director, said the results were satisfactory given the challenging business climate. “We have on-going projects and also a few new ones secured recently, and we will focus on executing these well. At the same time, we continue to prospect vigilantly for new business opportunities,” he added, according to a Tiong Woon report.

Just last week, TWC announced that it would set up a representative office in Myanmar to prospect new business and tap on new business opportunities there. This follows a contract related to a pipeline-laying project located in Myanmar that will see Tiong Woon supplying cranes as well as providing marine transportation. The contract was signed with an India-based conglomerate that provides integrated design, engineering, procurement, construction and project management services in the energy and infrastructure sectors globally.

The Group is currently working on a number of projects including:

• a contract signed with Malaysia Marine and Heavy Engineering Sdn Bhd for a project related to an offshore fabricator project located in Pasir Gudang in Malaysia;
• a contract for heavy lifting and installation works signed with leading global engineering company JGC Corporation for works at a Singapore refinery project related to an oil major; and
• a subcontract agreement from Chiyoda Sarawak Sdn. Bhd. to provide equipment erection works for the Tokuyama Malaysia Project in Samalaju Industrial Park in Bintulu, Sarawak, Malaysia.