SINGAPORE (Nov 15): Crane operator Tat Hong Holdings sank into 2Q losses of $5.4 million, or 0.86 cents per share, compared to earnings of $4.4 million a year ago on .

Revenue fell 20% to $109.8 million from a year ago, dragged down by lower utilisation of cranes in Singapore and Australia in its crane rental division while its distribution division took a hit from lower demand for cranes in Singapore, Hong Kong and overseas markets.

In a separate filing, Tat Hong announced it is undertaking a rights issue to raise up to $41.1 million in net proceeds for debt repayment and working capital.

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