Tiong Woon's Q3 earnings dip to $3.87m on weaker sales

TIONG Woon Corporation yesterday posted a one per cent dip in earnings for the third quarter on weaker sales.

Net profit for the three months ended March 31, 2014, stood at $3.87 million, down from $3.92 million the same quarter a year ago. Earnings were 0.83 cent per share, against 0.84 cent a year earlier. Revenue for the quarter dropped 19 per cent to $36.9 million.

Tiong Woon, which manages engineering projects and operates a sizeable fleet of cranes, posted a drop in sales across all its business segments. Turnover from the company's heavy lift and haulage segment - which makes up the largest proportion of its total revenue - decreased by 4 per cent to $34.3 million from the year-ago quarter, mainly due to a decrease in projects in the Asia-Pacific region.