tiong woon corp hldg ltd (TWC) Snapshot

The board of directors of Tiong Woon Corporation Holding Ltd. announced that it has incorporated a wholly-owned subsidiary in Myanmar, known as "Tiong Woon Myanmar Company Limited" (TWMCL). TWMCL will principally engage in the following businesses: Rental services of all kinds of heavy machineries and providing marine services; all kinds of agency business; technical, business & management consultants and advisory services; business of feasibility study on new projects, projects formulation, project appraisal and project evaluation; and business of installation, maintenance and renovation of electrical and electronic goods.

Tiong Woon Corporation Holding Limited announced unaudited group earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported turnover was SGD 45,313,000 against SGD 35,111,000 a year ago. The rise was mainly due to rise in contributions from Heavy Lift and Haulage, Fabrication and Engineering, and Trading segments. Profit before income tax was SGD 4,129,000 against loss before income tax of SGD 1,098,000 a year ago. Profit attributable to equity holders of the company was SGD 3,919,000 against loss attributable to equity holders of the company of SGD 373,000 a year ago. Diluted earnings per share were 0.84 cents against loss of 0.09 cents per diluted share a year ago. Net cash generated from operating activities was SGD 11,254,000 against SGD 7,089,000 a year ago. Purchase of property, plant and equipment was SGD 4,155,000 against SGD 5,059,000 a year ago. For the nine months, the company reported turnover was SGD 144,999,000 against SGD 109,707,000 a year ago. The increased revenue for the first nine months ended 31 March 2013 was mainly attributed to the increase in contributions from the Heavy Lift and Haulage, Fabrication and Engineering, and Trading segments. Profit before income tax was SGD 15,547,000 against SGD 965,000 a year ago. Profit attributable to equity holders of the company was SGD 13,051,000 against SGD 872,000 a year ago. Diluted earnings per share were 2.81 cents against 0.20 cents year ago.Net cash generated from operating activities was SGD 27,113,000 against SGD 23,847,000 a year ago. Purchase of property, plant and equipment was SGD 10,374,000 against SGD 12,095,000 a year ago. Net asset value per ordinary share for the group was 50.11 cents against 47.85 cents a year ago. Net asset value per ordinary share for the company was 19.76 cents against 19.77 cents a year ago. For the quarter, the company reported impairment loss on trade receivables was SGD 801,000 against SGD 667,000 a year ago. The group expects the business outlook to be more positive and is cautiously optimistic about its prospects for the fiscal 2013.

Tiong Woon Corporation Holding Limited appoints Mr. Michael Ang Guan Hwa as Executive Director with effect from March 22, 2013. Mr. Michael Ang has occupied various senior positions with Tiong Woon Crane & Transport (Pte) Ltd, viz., Marketing Engineer (2003-2004), Assistant Manager - Business Development (2004-2006), Senior Manager (2006-2009). He has been appointed as the Group Chief Operating Officer (COO) since 2010. Prior to joining Tiong Woon, Mr. Michael Ang worked as a field engineer with a company which provides information technology solutions.