Tiong Woon sinks into losses in 3Q

SINGAPORE (May 11): Heavy lift specialist Tiong Woon Corp sunk into a 3Q16 loss of $0.2 million from earnings of $2.3 million in 3Q15 on higher finance expenses and higher other losses.

Revenue for the three months to March came in 10% higher at $38.1 million, lifted by contributions from Heavy Lift and Haulage and Engineering Services segments.

Heavy Lift and Haulage segment revenue increased by $2.5 million or 8% to $32.5 million in 3Q16 from $30.0 million in 3Q15, mainly due to an increase in heavy lift and installation projects in the Middle East and Singapore regions.

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