For the nine-month period to 31 March, profit before tax was up 95% to SGD37.5m (USD25.7m) and turnover was up 37% to SGD148.3m (USD101.8m). The growth in group turnover was attributed mostly to an increase in revenue from its heavy lift and haulage, and fabrication and engineering divisions.
For the third quarter period, group turnover went up 26% to SGD52.8m, with turnover from the heavy lift and haulage business area increasing 24%, or SGD5.7m, primarily due to higher contributions from projects in the Asia-Pacific region. Heavy lift and haulage also contributed greatly to a 42% increase in pre-tax profit to SGD9.1m. As a result, net profit after tax in the third quarter was up 38% to SGD7.1m
Chairman and managing director Ang Kah Hong said: “I am delighted with our excellent results, which reflect continued strong operating performance across our core business activities, and with this strong third quarter showing, we remain on track to achieve higher profitability for the financial year 2009,” said Ang.
Ang said TWC intends to maintain its five business strategies to grow revenue, including seeking business opportunities for the heavy lift and haulage segment in emerging markets, developing the competency of its fabrication and engineering segment for marine, oil and gas projects, investing in higher capacity equipment, forming strategic alliances and maintaining tight management controls over the group’s business activities.
