Hiap Tong expects ‘significantly higher’ FY2023 net profit

CATALIST-LISTED crane provider Hiap Tong Corporation said that it expects to record “significantly higher” net profit after tax for its FY2023 ended Mar 31, as compared with FY2022.

In a bourse filing on Saturday (May 20), the group attributed the higher net profit after tax to new construction projects under the lifting and haulage segment, as well as the full resumption of business operations in Singapore and Malaysia after the pandemic.

The company added that it will release its financial statements on or before May 30, 2023.

In FY2022, the group posted a net profit of S$1.6 million, reversing the net loss of S$335,000 that it posted in FY2021.

Shares of Hiap Tong last closed down S$0.005 or 4.8 per cent at S$0.099 on Friday.