CRANE hire and transportation specialist Tat Hong, based in Singapore and Australia, saw its turnover rise 29% to Sing$153.3m (US$85.5m) for the year to 31 March 2002.
A net profit of S$1,693,000 (US$944,450) was reported, following the previous year’s loss of S$14,937,000 (US$8.3m).
Sales of equipment and parts were up in Australia because of the merger between Banbury and Tutts-Tat Hong. More equipment was exported from Singapore to newly developed markets, in particular the USA, Hong Kong and Japan. Rental activity was up in Singapore and Malaysia, and improved rental rates were secured on large capacity cranes. Improvements in cash flow meant that lower interest expenses were incurred on borrowings.
A one-off cost of S$1.7m (US$940,000) was incurred because of relocation costs and redundancy payments associated with the merger of Banbury and Tutts-Tat Hong in Australia.
