The growth in revenue came from its heavy lift and haulage segment which saw more activity in Malaysia, Middle East, Singapore and Indonesia.

Crane operator Tiong Woon Corporation Bqm Holding reports earnings of $12.06 million for the 1HFY2025 ended Dec 31, 2024, up 12% y-o-y. 

Earnings per share for the reporting period came in at 5.20 cents, also up 12% y-o-y from 4.65 cents in the same period a year ago. 

The group’s revenue grew by 5% y-o-y to $78.8 million, while gross profit decreased by 8% y-o-y to $30.35 million. 

Cash and cash equivalents per consolidated statement of cash flows decreased by $8.7 million to $70.5 million as at Dec 31, 2024 due to net cash outflows from financing activities and investing activities of $19.1 million and $8.2 million respectively.

Revenue from the heavy lift and haulage segment grew mainly due to business in Malaysia, Middle East, SIngapore and Indonesia, offset by lower revenue from Brunei. Trading segment revenue also increased. 

Gross profit decreased mainly due to external heavy equipment rental, manpower and other costs outpacing revenue growth for the above segments. 

Shares in Tiong Woon closed 1.5 cents lower or 2.564% down at 57 cents on Feb 14.