SINGAPORE (Feb 2): Lifting service provider Sin Heng Heavy Machinery has announced $1 million in earnings for the quarter ended Dec 31, a 39.9% decline from the earnings of $1.8 million reported a year ago.
Total revenue for the quarter stood at $21 million, down 5.9% from $22.3 million in the previous year from a mix of higher rental revenue and lower trading revenue.
Specifically, while revenue from the equipment rental business grew by 18.4% to $11.3 million in the quarter as a result of an increase in fleet size being rented out, revenue from the trading business fell 23.9% to $9.7 million due to sales and delivery of smaller tonnage equipment during the period.
