Hiap Tong's full-year profit surges 110%

CRANE specialist Hiap Tong Corporation marked a 109.6 per cent surge in net profit for the full year ended March 31 to S$4.78 million, thanks to a jump in other income.

Revenue rose 3.7 per cent to S$41.55 million, due mainly to an increase in leasing income during the year.

Other income jumped 165.9 per cent to S$6.45 million due to a net change in fair value of investment properties and an increase in net gain on disposal of equipment.

"In view of the uncertainty in the global economy and the weak local business environment, the competitive pricing in the industry is expected to continue for the next 12 months," the group said. "Nevertheless, the group will continue to look into improving its business and efficiency."

On its overseas investments, Hiap Tong said it will continue to explore crane leasing opportunities in Vietnam and Malaysia.