Singapore-based crane rental company Tat Hong posted a 23-percent decline in net profit to SD $68.9 million (about U.S. $47.7) for its full year ended March 31 because of a global economic slump that has dampened demand. Full-year revenue was essentially flat, declining 1 percent to $632 million.
Lower net profit was also caused by a 27-percent increase in operating expenses, mainly the result of a foreign exchange loss of $16.1 million as the Japanese yen strengthened against the Singapore and Australian dollars.
The company’s tower crane rental business in China jumped 178 percent to SD $24.7 million. Tat Hong president and chief executive Roland Ng said the company plans to expand further into China where the crane rental market has yet to mature.
The company expects to remain profitable in fiscal 2010.