TiongWoon: Fall in 2Q11 results, rev at $25.9m -30.8%yoy and startlingly decline of -90.8% in net profit. Rev for all sectors except Marine Transportation fell. Main rev contributor from Heavy Lift and Haulage segment fell 16.1% yoy due to decrease in co’s projects and rental rates in Asia Pac operations...
Both Fab&Eng and Trading division experienced falls of over 85% in rev which co attributes to higher base prev yr due to rev recognition of a barge and no cranes sold this quarter. Co expects conditions to remain challenging but is cautiously optimistic in outlook. Tiong Woon’s current P/E is 10.6x close to its historical high of 10.77x, hist avg at 5.2x
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