Tat Hong, Asia’s largest crane company posted revenue of Singapore $158.4 million (about U.S. $131.9 million) for its fiscal first quarter ended June 30, compared to SGD148.5 million in the same period a year ago, a 6.4-percent increase. Driven by increased sales generated by its distribution, crane rental and general equipment rental divisions, the group’s overall gross profit increased about 3 percent to SGD 55.9 million, compared with SGD 54.8 million a year ago.
However, Tat Hong’s net profit attributable to shareholders dropped 47 percent from SGD 10.3 million a year ago to SGD 5.5 million this year, primarily as a result of lower gains from disposal of fixed assets, reduced profits by associates companies and higher operating expenses.
Crane rental revenues increased 9 percent from SGD 44.6 million a year ago to SGD 48.4 million this year, primarily as a result of increased activities in Singapore and cranes rented to other markets in the region including Papua New Guinea, Vietnam and Thailand. The group’s Malaysian unit recorded higher revenue as more cranes were rented to oil, gas and LNG projects. Tat Hong’s general equipment rental division posted a 35-percent increase, with continuing strong demand in Queensland, New South Wales, Victoria and Western Australia.
Tat Hong is based in Singapore.
