Tiong Woon full-year profit falls 46%
Fall in business across all segments hits revenue and margins; group continues to manage costs
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Singapore
TIONG Woon Corporation, an engineering and marine transportation company listed on the mainboard, reported on Tuesday a 46 per cent slump in its net profit for the fiscal year ended June 30 to S$12 million as revenue and margins took a hit.
Revenue slipped 12 per cent to S$145.7 million due to an overall decline in business activities across all its business segments given a challenging operating landscape, particularly for the oil and gas and petrochemicals industries. Gross profit margin fell to 27.8 per cent in fiscal 2015, from 34 per cent in the preceding year.
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