The company explains the drop was because of an operational exchange loss of $3 million arising mainly from the revaluation of intercompany balances following the appreciation of the Singdollar during the period.
Heavy lift provider Tiong Woon Corporation Holding has reported revenue of $65.9 million for 1HFY2023, up 8% y-o-y on better demand with a pick-up in construction activities across the region.
However, earnings for the same half year ended Dec 31 2022 dipped to $7.2 million from $7.8 million.
