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Tat Hong Q2 net profit down 62% to S$4.4m; no interim dividend
CRANE rental company Tat Hong Holdings reported a net profit of S$4.4 million for its second quarter ended September 30, 2015, down 62 per cent from S$11.5 million a year ago.
Revenue fell 10 per cent to S$137.4 million, from S$152.8 million a year ago.
The revenue fall for various rental divisions was due to the completion of projects, a weak Australian dollar versus the Singapore dollar, and a weak construction sector in Australia.
Distribution revenue grew, however, due to higher demand for cranes in Hong Kong, Japan, Brunei and Thailand, partially offset by weaker demand for cranes in Singapore and Malaysia and a decline in the sales of spare parts.
No interim dividend was declared, compared to 0.5 Singapore cents a share a year ago.
Tat Hong closed trading down a cent to S$0.55.