Tiong Woon's FY14 profit up 25%

DESPITE an 18 per cent fall in revenue to S$165.3 million, Tiong Woon Corporation Holding's full-year net profit rose 25 per cent to S$22.1 million.

Contributing to the jump in profit attributable to equity-holders for the financial year ended June 30 (FY14) were improved gross profit margin, lower income tax expenses and a gain on disposal of discontinued operations, as opposed to a loss from discontinued operations a year ago.

Turnover fell because of lower contributions from its four segments: heavy lift and haulage (due to a drop in heavy lift and installation projects in Asia-Pacific); marine transportation (as a result of lower utilisation of its vessels); engineering service (because of fewer projects); and trading (due to lower sales of high-tonnage cranes).