TAT HONG HOLDINGS LIMITED 2002-06-12 ASX-SIGNAL-G
HOMEX - Perth
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Tat Hong's audited accounts for the year ended 31st March 2002 show
that turnover was S$153,265,000 (A$164,132,000), 29.3% higher than
the turnover for the previous financial year.
The company recorded a net profit of S$1,693,000 (A$1,813,000), a
significant improvement compared with the loss of S$14,937,000
(A$15,560,000) for the previous year. The improvement for the
financial year was due to the following factors:
- Increased equipment and parts sales recorded by Australia due to
additional sales from franchises acquire from Banbury as a result of
the merger between Banbury and Tutts-Tat Hong;
- Increased export of equipment from Singapore to newly developed
markets, in particular United States, Hong Kong and Japan;
- Improved rental turnover as a result of higher rental activities
in Singapore and Malaysia;
- Improved rental rates on large capacity cranes;
- Lower interest expenses incurred on borrowings due to improved
cash flow of the Company.
Duplicated overheads, relocation costs and redundancy payments were
incurred during the merger of Banbury and Tutts-Tat Hong in Australia
at a cost to the group of S$1.7 million. The results of the Company
would have been better off by this amount if it had not been for
these items which are non-recurring.
Strong growth in infrastructure development of the region is
anticipated. Tat Hong is well positioned to participate in the supply
of rental equipment to these projects which will have a significant
and favourable impact on the Company's results.
The directors believe that the company can capitalise on this
opportunity and add value for its shareholders.
Submitted by Ong Tiew Siam, COMPANY SECRETARY on 12/06/2002 to the
ASX and SGX
TAT
tat hong holdings limited