Newsletter #374 (View other news stories)
Financial results reflect increase in crane rentals
Thursday, 21 Aug 2008
Tat Hong looking up
Singapore
Tat Hong has reported a 69% increase in net profit for the first quarter due to an increase in crane rentals.
The company reported revenues for the first quarter up 39% to SGD191.3 million (USD135 million), and net profit margins up 22% to 15.3%.
Tat Hong’s new tower crane division contributed SGD2 million (USD1.4 million), or 2.8% of overall gross profits.
The company attributes crane rentals as the most profitable part of the business, delivering gross profits of SGD28 million (USD19.7 million) or 39.7% of the overall figure. Equipment sales contributed SGD18.6 million (USD13.1 million), general equipment rental added gross profits of SGD14m (USD9.8 million) and parts and services brought in SGD7.9m (USD5.57 million).
Boom's profits down
Melbourne, Vic, Australia
Boom Logistics has reported net profits after tax falling 46%, despite revenues rising 17%.
New profits after tax fell from AUD34.4 million (USD29.8 million) to AUD18.6m (USD16.1 million) even though revenues for 2008 were AUD410.3 million (USD356.1 million), from restated revenues of AUD350 million (USD303.8 million) in 2007.
The company had said its poor performance was due to bad weather, but latest reports suggest asset write-downs were to blame. Boom concedes that issues related to its operations, staffing and rapid, acquisitions-based, growth had cost around AUD16 million (USD13.8 million).
Essex results up
Buffalo Grove, Il, USA
Essex Crane Rental Corp has announced second quarter revenues driven up 28.7% after showing a 34.6% increase in rental revenues.
Revenues for the quarter reached USD20.2 million, up from USD15.7 million in 2007. Crane rental revenues increased to USD15.8 million from USD11.7 million in the second quarter of 2007.
The company is confident it has sufficient bookings in hand to support its full year 2008 rental revenue projections. Essex believes, based on new contracted related activity, revenue will exceed its previously projected 2008 total EBITDA of USD40.2 million.
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