Tat Hong Holdings, one of the world’s top 10 crawler crane companies, says net profit for the full-year ended March 31, 2010 (FY2010) declined 44% to $38.6 million in FY2010 from $68.9 million in the previous financial year (FY2009), on the back of a 22% decrease in revenue to $495.4 million in FY2010 from $631.8 million in FY2009.

Tat Hong says the lower revenue was due to weaker performances from all its business segments with the exception of its Tower Crane Rental division, which registered a 37% growth in revenue in FY2010.

In the three months ended March 31, 2010 (4QFY2010), net profit declined 33% to $9.8 million whereas revenue climbed 18% to $130.9 million in 4QFY2010. The revenue gain was mainly attributed to significant revenue growth in the Equipment Sales and Tower Crane Rental divisions.

Weak performances in the first three quarters of FY2010 cumulated to a 33% decline in overall revenue for Equipment Sales, from $254.5 million in FY2009 to $170.9 million in FY2010. However, lower revenue in the first three quarters were partially offset by a stronger showing in 4QFY2010, which saw revenue surging 69% from $29.7 million in the previous corresponding quarter (4QFY2009) to $50.2 million in this quarter.

Impacted by the deferment of key projects in Australia stretching over the first three quarters of FY2010, revenue from Crane Rental division dipped slightly by 8%, from S$179.7 million in FY2009 to S$165.4 million in FY2010. Other contributing factors included reduced contribution from Indonesia and Malaysia as well as poor market conditions in the Middle East. Nonetheless, Crane Rental’s revenue in 4QFY2010 increased 9% from $38.6 million to $42.2 million with the commencement of some projects previously deferred in Western Australia.

General Equipment continued to see a decline in revenue, falling 39% to $72.2 million in FY2010 and 15% to $17.2 million in 4QFY2010. This was mainly due to the loss of Railcorp contracts as a result of changes to tendering processes and the discontinuation of Waste Management and the Heavy Haulage divisions in New South Wales.

The group has proposed a final dividend of 1.5 cents per ordinary and convertible redeemable preference share, payable on August 20.