Hiap Tong Corporation, the newly-listed hydraulic mobile crane specialist, today announced a 26.2% increase in net profit to $12.9 million for the full year ended 31 December 2009 (FY2009), despite a marginal dip in full-year revenue which stood at $37.5 million.

Hiap Tong says the group’s sterling results were led by strong growth in revenue from its leasing business. In addition, the group continued to grow its lifting fleet to 115 cranes and its haulage fleet to 115 vehicles at the end of FY2009, compared to 109 cranes and 86 vehicles a year ago.

For the period under review, there was no trading income recorded as a result of weak demand due to the tight credit environment resulting from the financial crisis in 2008. Notwithstanding the financial crisis, the group continued to see an uptrend in its leasing business, of which revenue grew 11.9% in FY2009.

Based on the FY2009 results, the group’s earnings per share after deducting any provision for preference dividends amounted to 6.04 cents (FY2008: 4.86 cents, based on weighted average number of ordinary shares in issue) and net asset value per share stood at 19.84 cents as at 31 December 2009 (FY2008: 19.25 cents).

Hiap Tong continues to enjoy healthy cash holdings of $9.4 million in FY2009. The group’s shareholders’ equity increased to $49.2 million as at 31 December 2009 from $26.9 million a year ago as a result of its profitability, and its listing on Catalist in December 2009.