Turnover from the Heavy Lift and Haulage segment for the nine month period was SGD109m, was comparable to the results for the corresponding period last year.
Describing the current market conditions TIong Woon said that demand for heavy lift and haulage from the oil and gas and petrochemical industries is expected to be resilient in the region. In Singapore, the company said that its heavy lift and haulage businesses will be well-supported by the strong pipeline of petrochemicals and infrastructure projects.
In other ASEAN countries and the Middle East, the group was planning to focus on oil and gas and petrochemical, infrastructure development and construction opportunities. The development in the Iskandar region of Johor, Malaysia, is expected to provide business development opportunities for heavy lift and haulage.
Along with the search for business Tiong Woon was also expecting a rise in labour and other operating costs to continue to be on the rise. To improve productivity and operational efficiency the firm will continue to upgrade the skills of its workforce.
