Sin Heng

Sin Heng: Good set of 3Q13 results, with revenue at $40.3m, +51% y/y and -3% q/q, while net profit at $3.1m, +110% y/y and flat q/q. Result brings 9M13 revenue to $124.6m, +38% and net profit to $9.4m, +69% y/y. The increase in total revenue was due to increase in both rental and trading revenues. Revenue from Equipment Rental business increased by 27.7% to $13.3m for 3Q13, mainly due to expanded fleet size in the Group and the improvement in rental rates. Meanwhile revenue from Trading business increased by 66.3% to $27.0m for 3Q FY13 mainly due to higher volume of cranes traded as a result of increase in demand in the regional markets. Going forward, the Group remains cautiously optimistic that the key markets in which the Group operates remain encouraging.