SINGAPORE (Aug 28): Tiong Woon Corp reported FY19 earnings of $2.79 million, down 1% from FY18.

Revenue for the year rose 20% to $117 million from a year ago. This was led by a 16% increase in revenue from the heavy lift and haulage segment to $105.8 million from $91.2 million a year ago.

The marine transportation segment saw revenue increase 48% due to more chartering jobs while revenue from the trading segment doubled on the back of more equipment sold in FY19.

As a result, gross profit increased 39% to $36.2 million while gross profit margin increased to 30% from 26%.

Other operating expenses increased 25% to $25.8 million from a year ago, due mainly to net impairment loss on receivables in FY19 versus bad debts recovered and net impairment loss on receivables written back in FY18.

As at end June, cash and cash equivalents stood at $14.2 million, while earnings per share on a fully diluted basis rose to 1.27 cents from 0.51 cent a year ago.

The group has proposed a final dividend of 0.2 cent per share for the year.

In its outlook, Tiong Woon says the business environment is expected to stay challenging and competitive but expects major infrastructure projects and its pipeline of building projects in Singapore to provide support for more business opportunities.

Shares in Tiong Woon closed 0.5 cent higher at 37 cents on Wednesday, prior to the announcement of results.