Tiong Woon’s net profit climbs 25% in FY14

Its profit is pegged at $22.1m.

Mainboard-listed oil and gas services provider Tiong Woon Corporation today reported a 25% jump in net profit for its financial year that ended this June.

Its net profit rose to $22.1million, compared to $17.6 million the year before.

Here’s more from Tiong Woon:
The Heavy Lift and Haulage segment’s turnover declined from S$154.4 million to S$142.1million as it executed fewer heavy lift and installation projects during FY2014. Profit before tax (“PBT”) for this segment declined to S$21.7 million, in line with the lower turnover.

However, better cost control helped lift PBT margin from 14.5% in FY2013 to 15.3% in FY2014. Lower vessel utilization resulted in a decline in turnover from the Group’s Marine Transportation segment to S$9.4 million in FY2014. PBT for this segment fell to S$0.5 million, mainly due to the lower turnover and a lower gain on disposal of tugs and barges during the year.

The Engineering Services segment saw fewer projects in the active stages of completion during FY2014. Two projects, the Tuas New Yard Phase 1 project and Tuaspring Desalination project, were completed during the year, resulting in a lower turnover of S$6.2million for FY2014. A restructuring enabled the Group to turnaround and recorded a marginal PBT of S$1,000, compared with a loss of S$2.0 million a year ago.