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Tiong Woon Q3 profit drops 41% as demand for core business is hit by weak oil industry
TIONG Woon Corp Holding's third-quarter net profit fell 41 per cent amid a slowdown in the heavy lift and haulage business, the heavy lift specialist announced on Thursday.
Net profit was S$2.3 million, or 0.49 Singapore cents per share, for the three months ended March 31, 2015. For the nine months to March, net profit fell 45 per cent to S$9.5 million, or 2.05 Singapore cents per share.
Turnover slipped 6 per cent to S$34.5 million during the quarter as heavy lift and haulage turnover declined by 13 per cent to S$30 million, which easily overwhelmed sales improvements in the marine transportation, engineering services and trading units.
The company expects heavy lift and haulage demand from the oil and gas industry to remain soft, and it will seek to manage costs.