The results, for the first quarter of the firm’s 2009 fiscal year, showed turnover up 54% across the group to SGD45.4m. The biggest contribution came from the heavy lift and haulage division, with revenues of SGD31.43m, an increase of SGD9.9m (or 46%). The segment recorded profits before tax up 80% to SGD12,436m.
Turnover from the Bintan, Indonesia, yard leapt 540% to SGD10.4m, as the company recognised increasing revenue from its first project, the fabrication of a pipelay vessel. Continuing costs associated with developing the yard contributed to losses of SGD1.43m at the yard. These losses were, however, 56% less than in the same period last year, when the yard was first being developed.
Marine transportation and trading performed less well. The company sold no cranes this quarter, and trading turnover fell 88% to SGD316,000. Utilisation rates were down for the smaller-capacity equipment in the company’s marine transportation segment, and some equipment was in for repairs. Turnover for the marine segment fell 10% to SGD3.3m. However, the sale of smaller tugs and barges pushed profits in the marine segment up 149% to $2,476m
