Tat Hong posts 51% lower Q1 net profit of $8.2 mil

Tat Hong Holdings, the crane supplier, reported a net profit of $8.2 million for its first quarter ended June 30, 51% lower from $16.7 million a year ago.

Revenue was down 18% to $175.5 million, from $215.3 million a year ago. The decrease in revenue was led by lower sales in Tat Hong’s main distribution and crane rental segments.

Tat Hong said that the profit drop was due to an economic slowdown in Australia affecting the distribution and rental business, and cost overruns by a joint venture in Indonesia for a project that has since been completed.