SINGAPORE (May 10): Tiong Woon Corporation reversed out of the red with earnings of $32,000 in the 3Q ended March, compared to losses of $2.9 million a year ago.
3Q18 revenue fell 6% to $22.8 million, from $24.3 million a year ago.
This was mainly attributed to the decrease in contributions from the Heavy Lift and Haulage segment due to fewer projects executed in Singapore and the Middle East, as well as lower contribution from the Engineering Services segment due to the completion of a project in the Middle East and the disposal of a subsidiary in 2Q18.
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