The Singapore-based firm’s revenue increased from SGD120.1m to SGD148.8m compared to the corresponding period in 2009, with total assets increasing from SGD324.6m to SGD1.1bn.

Gross profit increased by 15% to SGD54.5m, and profit for the period rose 12% to SGD13.6m. Ng said: “We are gradually coming out of the woods, with our net profit normalising back to the pre-boom time levels.

“Our tower crane rental division has also done well with revenue doubling this quarter. Utilisation rate increased slightly to 75.7% despite a 10% increase in our total tonnage-metres. The tower crane rental market in China remains favourable as the market still presents ample opportunities for us to capture a larger share and grow our presence.”

Tower crane rental revenue more than doubled to SGD16.9m from SGD7.9m- 113% growth. A growing fleet and high utilisation rate contributed to the revenue increase.

Ng said: “Although Singapore and Malaysia have been challenging markets for our crane rental division, we believe this division will be able to maintain its performance with the continuing growth of our Australian presence.”

Meanwhile, Tat Hong’s acquisition of Australian hire firm Tutt Bryant has been confirmed at AUD0.92 per share. Ng said: “The group will maintain its strategic balance of organic and inorganic growth through mergers and acquisitions, to enhance shareholders’ value and generate healthy returns for our loyal investors.”