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Tat Hong plunges to full-year losses of $39.3 mil

The Editor Published on Fri, May 27, 2016 / 6:20 PM GMT+8

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SINGAPORE (May 27): Crane and heavy equipment supplier Tat Hong Holdings posted losses of $39.3 million in FY16, from earnings of $4.9 million last year, as revenue fell 13% to $528.2 million.

In 4Q, the company posted losses of $7.3 million, down from earnings of $13.7 million in the corresponding quarter last year, as revenue fell 7% to $126.7 million.

“The loss was primarily due to $32.7 million in non-cash impairment charges, net foreign exchange losses of $14.9 million and losses associated with the exit of excavator distribution business in Indonesia,” Tat Hong said in its SGX filing on Friday.