This was mainly attributed to the decrease in contributions from the Heavy Lift and Haulage segment due to fewer projects executed in Singapore and the Middle East, as well as lower contribution from the Engineering Services segment due to the completion of a project in the Middle East and the disposal of a subsidiary in 2Q18.
However, gross profit grew 22% to $6.1 million in 3Q18, from $5.0 million a year ago, as gross profit margin rose by 7 percentage points to 27% during the quarter.
The increase was mainly due to a write-back of allowance for foreseeable loss on a completed engineering contract in 3Q18 and improved performance from the Marine Transportation segment.
Other operating expenses fell 33% to $3.9 million during the quarter, from $5.9 million a year ago, mainly due to reduction in manpower costs and other operating expenses.
As at end March, cash and cash equivalents stood at $7.4 million.
Looking ahead, the group says it remains committed to effectively manage operating costs and business risks to stay competitive, amid a slowdown in demand in its key markets.
It adds that it will continue to explore strategic collaborations and leverage on its capabilities and track record to target complex and high value projects to grow the business.
Shares of Tiong Woon last closed at 31 cents on Wednesday.
