Tiong Woon announced that its earnings for the FY2021 ended June period came in 30% higher at $9.9 million, compared to $7.6 million in FY2020, mainly due to lower expenses. 

The higher earnings was despite a 9% drop in revenue to $112.9 million, compared to $124.7 million last year, attributable to challenging market conditions amid the ongoing Covid-19 pandemic resulting in a decrease in contributions across all segments.

Heavy Lift and Haulage segment revenue decreased by 2% y-o-y, mainly due to fewer projects executed in Brunei and Middle East offset by new projects executed in Indonesia.

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