Tat Hong Q1 profit down

CRANE supplier Tat Hong Holdings reported a 28 per cent fall in net profit, to S$5.96 million from S$8.24 million last year, for its first quarter ended June 30. Revenue fell 6 per cent to S$164 million.

The company managed to reduce operating expenses by 7.6 per cent to S$48.4 million. Earnings per share fell to 0.93 Singapore cent from 1.28 Singapore cents.

Once again, with the exception of tower crane rental, all business divisions reported lower revenues. The distribution division, which makes up nearly two-fifths of Tat Hong's business, contributed a significant portion of the decline. The division saw revenues drop 14 per cent, largely due to falling sales of excavators in Indonesia.