November 15 - Singapore-based Tiong Woon Corporation Holding has cited lower revenue contributions from its heavy lift and haulage, fabrication and engineering, marine transportation and trading segments as a factor in lower results for its 2010-2011 firs
The group saw a lower turnover of SGD28.8 million (USD22 million) from SGD44.8 million (USD34.2 million), mainly because of lower revenue contributions from its heavylift and trading segments. With lower turnover, higher depreciation charges and expenses for scheduled maintenance, the group's profit after tax declined compared to the SGD6.1 million (USD4.6 million) it made in the previous corresponding period.
The group is seeing a rise in project inquiries for heavy lifting services at present as its heavy lift and haulage segment contributed SGD23.1 million (USD17.6 million) to total turnover, compared to SGD29.2 million (USD22.3 million) in the corresponding period a year ago, as it undertook fewer integrated projects.
