SINGAPORE (Feb 2): Lifting service provider Sin Heng Heavy Machinery has announced $1 million in earnings for the quarter ended Dec 31, a 39.9% decline from the earnings of $1.8 million reported a year ago.
Total revenue for the quarter stood at $21 million, down 5.9% from $22.3 million in the previous year from a mix of higher rental revenue and lower trading revenue.
Specifically, while revenue from the equipment rental business grew by 18.4% to $11.3 million in the quarter as a result of an increase in fleet size being rented out, revenue from the trading business fell 23.9% to $9.7 million due to sales and delivery of smaller tonnage equipment during the period.
Gross profit however, rose 29% to $4.5 million from $3.5 million the year before, due mainly to higher rental income.
In its filing to the SGX on Thursday, the group says it continues to expect challenging conditions in the markets it operates as the economic outlook and business environment continues to be uncertain.
Shares of Sin Heng Heavy Machinery closed 1.45% higher at 35 cents.
