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Tiong Woon swings into profit of S$1.82m in Q2
CRANE specialist Tiong Woon Corporation Holding Ltd swung into a net profit of S$1.82 million for the second quarter ended Dec 31, 2016 from a net loss of S$67,000, thanks to operational exchange gains.
But revenue still slipped 12 per cent to S$31.26 million during the quarter, with the key drag from the heavy lift and haulage segment.
Citing a challenging and competitive operating environment amid a demand slowdown in its key markets, the group said it expects the on-going public sector infrastructure development in Singapore will provide support for more business opportunities.
"Meanwhile, the group will continue to effectively manage operating costs and business risks to remain competitive," it added.
"It will also continue to explore strategic collaborations and leverage on its capabilities and track record as a one-stop integrated heavy lift specialist and service provider to target complex and high value projects to grow the business."