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Tiong Woon has a profit surge

Vincent Chia
Tiong Woon has a profit surge

Tiong Woon Corporation Holdings Limited announced its full year results. Full year revenue was down 18% year-on-year to $165.3 million while full year PATMI was up 25% to $22.1 million. The results were attributed to the disposal of its loss making Fabrication segment. This segment was loss making in the previous financial year and recorded a disposal gain of $3.2 million in this financial year. Going forward, Tiong Woon would continue in higher capacity and specialised equipment. This is to enable it to broaden its range of services to its clients and stay ahead of the competition. It is targeting more complex and higher value projects.

GET TO THE POINT : Always good to sell away a loss making business for a gain. But it is also important to ensure that the remaining business(es) receives more attention and focus.

(Picture from Tiong Woon Corporation Holdings Limited)

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