Company Briefs

Tiong Woon reports 11% rise in Q1 profit

TUGBOAT and barge operator Tiong Woon posted an 11 per cent increase in first-quarter net profit as it benefited from the sale of a lossmaking business. Profit for the three months to September was $4.6 million, or 0.99 cents per share. Tiong Woon sold its fabrication business, which lost $808,000 in the year-ago period, to Metech Energy Corp in June.

Ellipsiz posts Q1 net of $6.3m