Tat Hong's Q2 profit down 53% at $8.2m

AN economic slowdown in its key market Australia, together with unrealised losses from a sharp depreciation of the Indonesian rupiah, conspired to bring crane supplier Tat Hong's net profit for its second quarter ended Sept 30 down to $8.2 million, 53 per cent lower from $17.3 million a year ago.

Revenue was down 14 per cent at $185.3 million.

"There was a drastic downturn in Australia in the first quarter, and while confidence has improved after Australian elections in September, it hasn't translated to an increase in demand," said chief financial officer Lional Tseng at the company's results briefing yesterday evening.