It blames the fall in profitability on two factors: the weakening economy, as customers become more cautious, and banks tighten up credit, and the strengthening of the Japanese Yen against the Singaporean dollar and Australian dollar (its crane rental subsidiary Tutt Bryant is based in Australia). The Yen appreciated 58% against the Australian dollar in 2008, and 24% against the Singaporean dollar.
The company is scheduled to announce the final results on February 13, 2009.
Meanwhile, the company’s plans to take a 20% share of Singaporean mobile crane and haulage firm Hiap Tong have fallen through. In July 2008, Hiap Tong filed an initial public offering application with the Singapore Stock Exchange. The next month, Tat Hong loaned it S$12.6m ($tk) to be converted into shares equivalent to 20% of the issued share capital.
In January, Tat Hong announced that Hiap Tong has decided to postpone its listing because of current market conditions, and settled the loan.
