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Tiong Woon Reports 46% Fall In FY15 Net Profit

Shares Investment

Tiong Woon Corporation Holding reported a 45.8 percent drop in FY15 net profit from $22.1 million last year, to $12 million due to a reduction in turnover.

Turnover was down 11.9 percent from $165.3 million to $145.7 million due to an overall decline in contributions across all business segments, brought about by a reduction of projects executed in the financial year.

Other operating expenses were reduced by 17.3 percent to $28.1 million in tandem with the decrease in turnover as well as through manpower rationalization and job re-design by the company.



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