15.02.2013

Tat Hong up 19%

Singapore based crane and equipment company Tat Hong has posted strong third quarter results.

Total revenues for the nine months were $637.3 million, 19 percent higher than last year. Pre-tax profits came in at $74.8 million an improvement of 60 percent over 2011/12. Third quarter, total revenues were up five percent to $206 million, while pre-tax profits increased 33 percent.

Looking at the four main divisions, distribution, which is mainly Australian-based, saw revenues decline seven percent to $90.6 million. Crane rental – mainly crawler cranes – improved 27 percent thanks to LNG contracts in Singapore, Australia and Malaysia. The fleet increased substantially and comprised 754 units at the end of the period, compared to 583 a year earlier. Utilisation though remained at 71 percent.

General rental, principally in Australia, fell 12 percent to $22.5 million, while tower crane rental revenues increased 24 percent to $19.4 million. Australia now represents more than 50 percent of total group revenues.