The company explains the drop was because of an operational exchange loss of $3 million arising mainly from the revaluation of intercompany balances following the appreciation of the Singdollar during the period.
"The business environment remains challenging and uncertain. Tiong Woon will continue to leverage on its capabilities as a one-stop integrated services provider to pursue new business opportunities," says executive chairman Ang Kah Hong.
"We will also continue to forge strategic alliances and collaborations with international contractors and industry players, to jointly participate in the tender for projects," he adds.
Tiong Woon says that the business environment remains challenging and uncertain amid the ongoing Russia-Ukraine conflict, geopolitical tensions, elevated interest rates and inflationary pressures, as well as concerns over an economic slowdown in the global economy in 2023.
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"Notwithstanding the above-mentioned, the group is cautiously optimistic that customer demand for heavy lift and haulage solutions should remain resilient in the petrochemical, construction, infrastructure sectors in Singapore and in our key regional markets," the company adds.
Tiong Woon shares last traded at 47 cents. As at Dec 31 2022, its net asset value was $1.23 per share.
