Tiong Woon Corporation Holding and its subsidiaries provide heavy lift, heavy haulage, transport services and engineering services. The company also offers crane services, and provides wharfing and stevedoring services.
Tiong Woon Corporation’s earnings of $11.4 million for the FY2022 ended June, which was up 15% y-o-y, was deemed “healthy” by UOB Kay Hian Research analyst John Cheong.
However, despite the “commendable growth”, the company’s earnings for the year fell short of the analyst’s expectations, due to higher-than-expected impairment loss amounting to $2.2 million for receivables. The higher receivables, which stood 43% higher y-o-y, was due to higher provisions made for a few customers amid the uncertain credit environment.
