TAT tat hong holdings limited

looking promising

  1. 493 Posts.
    TAT HONG HOLDINGS LIMITED 2002-06-12 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    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


 
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