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FOREIGN exchange losses and a higher impairment charge on trade receivables caused integrated heavy lift specialist and services provider Tiong Woon Corporation to fall into the red in the 2016 financial year.
The group chalked up a net loss of S$9.7 million, compared to a net profit of S$12.0 million in FY2015, the group said in a Singapore Exchange filing on Tuesday evening. This translates to a loss per share of 4.16 Singapore cents, against a profit per share of 5.15 cents a year ago.
For the year ended June 30, revenue slid 4 per cent to S$139.4 million from the previous year. The drop in revenue was due to a fall in contributions from the heavy lift and haulage, marine transportation and trading segments, it said.
The group recorded a 81 per cent fall in other net gains to S$0.7 million due to an operational foreign exchange loss of S$2 million in the year, compared to a loss of S$0.1 million in FY2015, as the Indian rupee, Saudi riyal, US dollar and Malaysian ringgit further depreciated against the Singapore dollar.
Its operating expenses increased by 32 per cent, or S$9.2 million, from a higher net impairment loss on trade receivables.
At the same time, its finance expenses rose 409 per cent, or S$3 million, to S$3.7 million due to a currency translation loss on foreign currency denominated borrowings, compared to a gain in 2015.
The group has declared a final dividend of 0.2 cent per share, down from 0.4 cent a year ago.
"The operating environment continues to be challenging amid the slowdown in demand in the key Asian/ASEAN markets we operate in," it said. "The on-going public sector infrastructure development in Singapore is expected to support the impetus for heavy lift and haulage services."