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TEHO: 1H2012 net profit up 48% against tide of shipping slump

Feb 14, 2012

Teho, one of the leading suppliers of rigging and mooring safety equipment in the region for the marine and offshore industries, has posted a 48% year-on-year increase in 1H2012 net profit to S$1.7 million.

Group revenue increased 3.9% and reached S$17.5million, thanks to a higher contribution from the marine sector. Singapore contributed over 80% to Group revenue.

"We expect the offshore oil & gas sector will continue to exhibit resilience and growth in the near future. Demand for natural resources has stimulated trans-shipment services within the South-East Asian and the Australasian regions," said Chairman and CEO Lim See Hoe (photo above).

Gross profit margins improved by 4.2 percentage points to 32%, as there were improved selling prices and lower material procurement costs due to a relatively weaker USD/SGD.

The Group had net cash reserves of S$7.9 million as at 31 December, with net gearing at only 11.0%