Heavy Lift and Haulage segment revenue decreased by 2% y-o-y, mainly due to fewer projects executed in Brunei and Middle East offset by new projects executed in Indonesia.
Tiong Woon announced that its earnings for the FY2021 ended June period came in 30% higher at $9.9 million, compared to $7.6 million in FY2020, mainly due to lower expenses.
The higher earnings was despite a 9% drop in revenue to $112.9 million, compared to $124.7 million last year, attributable to challenging market conditions amid the ongoing Covid-19 pandemic resulting in a decrease in contributions across all segments.
