Singapore-based crane company Tat Hong Holdings reported last week that its full-year net profit dropped 44 percent to S$38.6 million (about U.S. $27.5 million). Revenue for the full year was about S$495 million (about U.S. $353 million), a 22-percent decrease compared with the previous year.
Tat Hong said lower revenue was the result of weaker performances from all its business segments except its tower crane rental division.
Profits dropped 33 percent for the fourth quarter to S$9.8 million, while revenue increased 18 percent to S$130.9 million. The company attributed the fourth-quarter revenue jump to revenue growth in its equipment sales and tower crane rental divisions.
Tat Hong expects improved results in fiscal 2011.