Tat Hong Q4 profit plunges 77% to $4.2m

CRANE supplier Tat Hong Holdings' fourth-quarter net profit plunged 77 per cent from a year earlier, hit by a slowdown in the Australian economy and losses from several of its Indonesian subsidiaries.

Net profit for the three months ended March 31, 2014, was $4.2 million, or 0.66 cent per share, down from $18.6 million, or 3.07 cents per share, a year ago.

Also chipping away at the bottom line was an impairment charge of $3.4 million on the group's carrying value in an associate company.

"While this set of numbers is rather disappointing, it's a situation that management has expected," said group CFO Lional Tseng at the company's results briefing …