18.08.2009

Tat Hong down 37%

Singapore based international crane sales and rental company, Tat Hong, has reported first fiscal quarter revenues of S120 million ($82.6 million) - 37 percent down on the same period last year.

The fall is largely due its operations in Australia where it owns Tutt Bryant, crane and equipment sales there dropped 60 percent to S$36.9 million, ($25.4 million) while general equipment rental in Australia declined 47 percent to S$19.3 million (13.3 million), mainly due, says the company, to the adverse weather conditions in North Queensland and the winding down of a rail maintenance contract.

Crane rental overall held steady, down less than two percent on last year to S$42.8 million ($29.5 million), as a result of a decrease in rental revenue from Indonesia with the completion of oil, gas and infrastructure projects offset by the increase in rental revenue from Singapore, Australia and Malaysia.

The group’s tower crane rental division posted revenues of S$7.9 million ($5.4 million), an increase of 49 percent on the same period last year. Tat Hong recently announced a new tower crane joint venture in China in order to gain a larger share of this fast growing market. Click here to read Tat Hong expands in China

Pre tax profits at the group dropped 61 percent to S$16.3 million (11.2 million) and the company said that barring any unforeseen developments it expects to remain profitable this year,