Tiong Woon fiscal Q1 net profit falls 24%

ENGINEERING and marine transportation firm Tiong Woon Corporation on Wednesday said net profit for its first fiscal quarter fell 24 per cent, dragged by lower sales.

Net profit for the three months ended September 30, 2014, stood at S$3.47 million, compared to S$4.58 million a year ago.

Sales fell 17 per cent to S$36.8 million, hit by weaker revenue across all its business divisions. Turnover from its heavy lift and haulage segment, its biggest division, fell 10 per cent to S$32.8 million, mainly due to fewer heavy lift and installation projects in the Asia-Pacific.