Singapore

IT WAS a tale of two fortunes for Tiong Woon Corporation and Maxi-Cash, both of which reported their quarterly earnings on Wednesday.

Engineering and marine transportation firm Tiong Woon Corporation said net profit for its first fiscal quarter fell 24 per cent, dragged by lower sales. It noted that demand for heavy lift and haulage from the oil and gas, and petrochemical industries in Singapore and the region has softened.