Tat Hong Records 78% Increase In 2QFY2012 Net Profit To S$12.6 Million
SINGAPORE – 9 November 2011 – Tat Hong Holdings Ltd (“Tat Hong” or “the Group”), Asia’s largest crane company and the world’s top crane company (in terms of number of crawler cranes)1, today reported a net profit after tax and minority interest of S$12.6 million on the back of revenue totalling S$183.3 million for the second quarter ended 30 September 2011 (“2QFY2012”).
Revenue growth was seen across all business divisions, resulting in an overall increase of 26% in gross profit from S$53.9 million to S$67.9 million in the latest quarter. Gross profit margin remained at a respectable 37.1%.
On a quarter-on-quarter comparison, the Group’s total operating expenses increased by approximately 9% in 2QFY2012 to S$45.3 million. This was mainly due to increased staff costs and costs in the upkeep of machinery as a result of a higher level of rental activities. The quarter under review also saw a lower write-back of doubtful debt allowance compared to the previous corresponding quarter. Net foreign exchange loss in 2QFY2012 was significantly lower at S$0.3 million as compared with S$1.7 million in the previous corresponding quarter.
The Group’s earnings per share on a fully diluted basis was 2.22 cents for 2QFY2012 against 1.24 cents for the previous corresponding quarter. Net asset value per ordinary share as at 30 September 2011 was S$0.94.
Tat Hong has proposed an interim dividend of one Singapore cent per ordinary and convertible redeemable preference share, to be payable on 2 December 2011.PDFPrint