Its marine transportation segment reported a sales increase of 11% on the back of more chartering jobs, while sales from engineering services rose 64% to $3.4 million as its project in the Middle East progressed at a faster pace, and on the back of completed projects in Singapore an Vietnam.
SINGAPORE (Feb 9): Tiong Woon Corporation Holding swung back into the black in 2Q17 after reporting earnings of $1.8 million for the quarter, a turnaround from the net loss of $67,000 in 2Q16.
In the 2Q17 ended December, revenue fell 12% to $31.3 million, due to the lower sales contribution from its heavy lift and haulage business segment of $6.1 million as fewer projects were executed in Singapore, India and the Middle East.
