Tiong Woon: FY2011 rev at $106.9m -27.9% yoy with a net profit of $1.0m -96.0% yoy. Poor results continued from 3Q where 9M2011 reported a net loss of -439k. The decline came mainly from the heavy lift and haulage segment where net profit declined -78.9% yoy.
Prev yr profits was boosted by a $10.6m gain from disposal but even excluding it, profits decline 92.9% yoy. Mgmt has guided for challenging business conditions in the future due to the global economic situation. A final div of 0.4c was declared, maintaining the same amt as prev yr.
Peer Tat Hong has also seen a fall in profit of 47% as of last reported results facing higher expenses and lower profits but has guided for a better half in 2012.
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