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Tiong Woon falls to S$3.6m Q1 loss on impairment of receivables

CRANE specialist Tiong Woon Corp Holding fell into a first-quarter loss of S$3.6 million as it made impairments for trade receivables amid a drop in turnover.

Net profit for the three months ended September dropped to 0.78 Singapore cent per share, from a year-ago net profit of 0.75 Singapore cent per share, or S$3.5 million in total.

Other operating expenses jumped 81 per cent to S$10.9 million from S$6 million as the company posted a S$4.9 million impairment loss on trade receivables.

Revenue fell 10 per cent to S$33.1 million as sales declined in the heavy lift and haulage, marine transportation and trading business segments. Engineering services, however, saw turnover almost triple to S$907,000.

The company said its operating environment remains "challenging" amid slowing demand and volatile currency markets, and that it is on the lookout for strategic collaborations.

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Tiong Woon shares closed at 17.1 Singapore cents on Wednesday, lower by 7.1 per cent or 1.3 Singapore cents.

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