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Tiong Woon falls to S$3.6m Q1 loss on impairment of receivables
CRANE specialist Tiong Woon Corp Holding fell into a first-quarter loss of S$3.6 million as it made impairments for trade receivables amid a drop in turnover.
Net profit for the three months ended September dropped to 0.78 Singapore cent per share, from a year-ago net profit of 0.75 Singapore cent per share, or S$3.5 million in total.
Other operating expenses jumped 81 per cent to S$10.9 million from S$6 million as the company posted a S$4.9 million impairment loss on trade receivables.
Revenue fell 10 per cent to S$33.1 million as sales declined in the heavy lift and haulage, marine transportation and trading business segments. Engineering services, however, saw turnover almost triple to S$907,000.
The company said its operating environment remains "challenging" amid slowing demand and volatile currency markets, and that it is on the lookout for strategic collaborations.
Tiong Woon shares closed at 17.1 Singapore cents on Wednesday, lower by 7.1 per cent or 1.3 Singapore cents.