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Tat Hong Q3 net profit down 63% to S$4.5m due to lack of S$13m one-off gain

CRANE supplier Tat Hong Holdings reported a net profit of S$4.5 million for its third quarter ended Dec 31, 2014, down 63 per cent from S$12.1 million a year ago.

Revenue fell 7 per cent to S$154.9 million from S$167.4 million a year ago.

Lower profit was due to the lack of a one-off S$13 million gain from the disposal of purchase rights for a plot of Iskandar Malaysia land.

With the exception of the China tower crane division, all of Tat Hong's divisions recorded revenue declines in the quarter compared to a year ago.

Tat Hong closed trading unchanged at S$0.73 before results were out.