10.11.2011

Tat Hong up 16%

Singapore based crane group Tat Hong has reported its first half results with revenues up 16 percent.

Revenues for the six months to the end of September were s$341.7 million 16 percent higher than for the same period in 2010. Pre-tax profits remained static at $28.9 million.

Growth in the second quarter picked up at a more rapid pace, with revenues climbing 26 percent to $183.3 million, while pre-tax profits jumped 83 percent to $19.6 million. Of the different segments General Rental grew the fastest, up 77 percent to just over $26 million, driven by increased demand in Australia. Mobile/crawler crane rental was virtually flat at $53.5 million, Distribution – now the company’s largest single activity - was up 38 percent to 89.1 million and Tower crane rental grew seven percent to $14.8 million.

The company is upbeat about its prospects in the second half, particularly relating to its Australian operations.

Managing director Roland Ng said: “We are gratified with our latest set of financial results, which demonstrated broad-based growth in both revenue and profit. This was achieved in spite of weakening economic indicators and highly volatile financial markets around the world. Moving ahead, we will continue to capitalise on growth opportunities in key markets, while keeping a close watch on cost control measures.”