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("Tat Hong" or the "Company", together with its subsidiaries, the "Group") (Stock Code: 2153), the first foreign-owned tower crane service provider established in the PRC, has announced its annual results for the year ended 31 March 2024 ("FY2024" or the "Year")." /> <link href="https://www.acnnewswire.com/bootstrap/css/bootstrap.min.css" rel="stylesheet"> <link href="https://www.acnnewswire.com/css/css.css" rel="stylesheet"> <script language="javascript" type="text/javascript" src="https://www.acnnewswire.com/scripts/jcn.js"></script> <script type="text/javascript" src="https://www.acnnewswire.com/jquery/jquery-latest.min.js"></script> <script type="text/javascript" src="https://www.acnnewswire.com/jquery/jquery.fancybox.pack.js?v=2.1.5"></script> <link rel="stylesheet" type="text/css" href="https://www.acnnewswire.com/jquery/jquery.fancybox.css?v=2.1.5" media="screen"> <script type="text/javascript"> var weekdaystxt=["Sun", "Mon", "Tues", "Wed", "Thurs", "Fri", "Sat"] function showLocalTime(container, servermode, offsetMinutes, displayversion){ if (!document.getElementById || !document.getElementById(container)) return this.container=document.getElementById(container) this.displayversion=displayversion var servertimestring=(servermode=="s")? 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Announces 2023/24 Annual Results</td></tr> <tr><td> <BR> <p style="text-align: justify;"><strong>HONG KONG, June 28, 2024 - (ACN Newswire) -</strong> Tat Hong Equipment Service Co., Ltd. (“Tat Hong” or the “Company”, together with its subsidiaries, the “Group”) (Stock Code: 2153), the first foreign-owned tower crane service provider established in the PRC, has announced its annual results for the year ended 31 March 2024 (“FY2024” or the “Year”).</p> <p style="text-align: justify;">In FY2024, the Group recorded revenue of RMB682.3 million (FY2023: RMB770.8 million). Loss attributable to equity holders of the Company for the Year amounted to RMB95.6 million (FY2023: net loss of RMB35.8 million). The increase in losses was primarily due to the sluggish economic growth and construction sector recovery following the COVID pandemic, which resulted in a decrease in the average monthly service price for tower cranes per tonne meter (TM) in use, from RMB241 to RMB215. The overall gross profit and gross profit margin decreased to RMB80.8 million and approximately 11.8%, respectively.</p> <p style="text-align: justify;">The Group’s total TM in use decreased from 3,192,710 for the year ended 31 March 2023 to 3,178,404 for the year ended 31 March 2024. As at 31 March 2024, the Group had 259 projects in progress with a total outstanding contract value of approximately RMB417.7 million and 168 projects on hand with a total expected contract value of approximately RMB690.3 million.</p> <p style="text-align: justify;">While maintaining its market position in the domestic tower crane service industry, the Group expanded its geographical footprint to the Greater Bay Area to include Hong Kong and Macau, and formed a joint venture in Indonesia. They will primarily serve the present customers of Chinese EPC contractors in the PRC that have expanded overseas. Meanwhile, the business portfolio has been expanded to include construction projects related to clean energy, thermal power and nuclear power. This geographical and business expansion is expected to improve the Group’s financial performance in the coming year.</p> <p style="text-align: justify;">During the Year, the Group continued to invest in the digitalization of its management platform and in the research and development of new tower crane technical solutions. As of 31 March 2024, the Group possesses 158 registered patents for utility models and inventions related to tower cranes. The robust technical capabilities will continue to enable the Group to procure projects, and the enhancement of its research and development capabilities for tower crane technical solutions will reinforce its excellent service delivery.</p> <p style="text-align: justify;"><strong>Mr. Sean Yau, CEO of Tat Hong Equipment Service Co., Ltd.</strong> said, “In addition to the RMB1 trillion of low-cost financing for three major types of infrastructure projects, namely urban village redevelopment, affordable housing projects and 'dual-use for normal and emergency purposes’ projects, the PRC central government has launched a series of favourable policies and programs to promote economic development. The removal of home purchase restrictions, the reduction in down payments and the decrease in mortgage rates, etc. will improve property market activity. In addition, with the ‘14th Five-Year Plan’, new infrastructure, traditional infrastructure and energy transformation will be a major task of the government, which will facilitate the overall development of the industry.”</p> <p style="text-align: justify;"><strong>Mr. Roland Ng, Chairman of Tat Hong Equipment Service Co., Ltd.</strong> added, “Although the property market and the construction industry in the PRC were in a downturn, the Group promptly made adjustments to its development strategies, including expansion into the clean energy construction segment and geographical expansion to the Greater Bay Area and Indonesia, in response to the difficult and rapidly changing business environment. Guided by the core corporate values of ‘Virtue, Safety and Excellence’, we will continue to focus on the research and development of new tower crane technologies to equip ourselves with the most robust technical capabilities to provide excellent services to our clients. We will continue our efforts to optimize our operations and digitalize our management platforms to achieve resource sharing, cost reduction and efficiency enhancement. With all of the above measures, we believe we can fulfil the Group’s goal of becoming the best construction equipment service provider in the industry.”</p> <p style="text-align: justify;"><strong>About Tat Hong Equipment Service Co., Ltd. (Stock Code: 2153)</strong></p> <p style="text-align: justify;">Tat Hong Equipment Service Co., Ltd. is the first foreign-owned tower crane service provider established in the PRC. Since 2007, the Group has established as a tower crane service provider for one-stop tower crane solution services from consultation, technical design, commissioning, construction to after-sales services primarily to Chinese Special-tier and Tier-1 EPC contractors. Guided by its core values, “Virtue, Safety and Excellence”, the Group has successfully established its market position and maintained stable, reputable and loyal customer base in the construction industry in the PRC.</p> <table style="border-collapse: collapse; width: 90%; border-width: 1px; border-spacing: 3pt;" border="1" width="699" cellspacing="0" cellpadding="0"> <tbody> <tr> <td style="border-width: 1px; padding: 3pt; width: 100.1%;" colspan="3" valign="top" width="699"> <p>Media Enquiries</p> </td> </tr> <tr> <td style="border-width: 1px; padding: 3pt; width: 100.1%;" colspan="3" valign="bottom" width="699"> <p>Strategic Financial Relations Limited</p> </td> </tr> <tr> <td style="border-width: 1px; padding: 3pt; width: 18.1546%;" valign="bottom" width="123"> <p>Heidi So</p> </td> <td style="border-width: 1px; padding: 3pt; width: 30.1406%;" valign="bottom" width="171"> <p>Tel (852) 2864 4826</p> </td> <td style="border-width: 1px; padding: 3pt; width: 51.8048%;" valign="bottom" width="406"> <p>Email: <a href="mailto:heidi.so@sprg.com.hk">heidi.so@sprg.com.hk</a></p> </td> </tr> <tr> <td style="border-width: 1px; padding: 3pt; width: 18.1546%;" valign="bottom" width="123"> <p>Mel Lai</p> </td> <td style="border-width: 1px; padding: 3pt; width: 30.1406%;" valign="bottom" width="171"> <p>Tel (852) 2864 4855</p> </td> <td style="border-width: 1px; padding: 3pt; width: 51.8048%;" valign="bottom" width="406"> <p>Email: <a href="mailto:mel.lai@sprg.com.hk">mel.lai@sprg.com.hk</a></p> </td> </tr> </tbody> </table> <p>                                                                       </p>   <br /><br /> <span class="smallbodytext"> <i>Topic: Press release summary</i> <i><BR>Source: <a href ="http://www.tathongchina.com " target="_blank">Tat Hong Equipment Service Co., Ltd</a> </i><br> <i>Sectors: <a href="https://www.acnnewswire.com/acn/ReleaseByIndustry/IndustryRelease.aspx?secid=108&lid=0">Daily Finance</a>, <a href="https://www.acnnewswire.com/acn/ReleaseByIndustry/IndustryRelease.aspx?secid=187&lid=0">Daily News</a></i> <br><i><a href="https://www.acnnewswire.com">https://www.acnnewswire.com</a></i> <BR><i>From the Asia Corporate News Network</i> </span> <BR><br><p class=bodytext><i>Copyright © 2024 ACN Newswire. 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Announces 2024/25 Interim Results</td></tr> <tr><td style="padding: 3px;"></td></tr> <tr><td class="note">Nov 22, 2024 19:35 HKT/SGT</td></tr> <tr><td><a href="http://www.acnnewswire.com/press-release/simplifiedchinese/94038/达丰设备服务有限公司-公布2024/25中期业绩" class="newslink">达丰设备服务有限公司公布2024/25中期业绩</td></tr> <tr><td style="padding: 3px;"></td></tr> <tr><td class="note">Nov 22, 2024 19:18 HKT/SGT</td></tr> <tr><td><a href="http://www.acnnewswire.com/press-release/traditionalchinese/94037/達豐設備服務有限公司-公佈2024/25中期業績" class="newslink">達豐設備服務有限公司公佈2024/25中期業績</td></tr> <tr><td style="padding: 3px;"></td></tr> <tr><td class="note">June 28, 2024 23:33 HKT/SGT</td></tr> <tr><td><a href="http://www.acnnewswire.com/press-release/simplifiedchinese/91559/达丰设备服务有限公司公布2023/24全年业绩" class="newslink">达丰设备服务有限公司公布2023/24全年业绩</td></tr> <tr><td style="padding: 3px;"></td></tr> <tr><td class="note">June 28, 2024 23:27 HKT/SGT</td></tr> <tr><td><a href="http://www.acnnewswire.com/press-release/traditionalchinese/91558/達豐設備服務有限公司公佈2023/24全年業績" class="newslink">達豐設備服務有限公司公佈2023/24全年業績</td></tr> <tr><td style="padding: 3px;"></td></tr> <tr><td align="center"><a href="/company_news/5840/tat-hong-equipment-service-co.,-ltd" class="notelink"><b>More news >></b></a></td></tr> <tr><td align="center" style="padding: 3px;"></td></tr> </table> </Td></tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr><td style="padding: 3px;"></td></tr> </table> </td> </tr> </table>  <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr><td style="padding: 3px;"></td></tr> </table> </td> </tr> <tr><td><table width="960" cellpadding="0" cellspacing="0" align="center" border="0"> <tr height=20 valign="middle"><td bgcolor="#3e63a5" align="center" colspan="2"><span class="fotter">Copyright © 2024 ACN Newswire - Asia Corporate News Network</span></td></tr> <tr> <td class="span8"> <table width="100%"> <tr><td colspan=5 bgcolor="#f2f2f2" style="padding-bottom:5px;"></td></tr> <tr><td align="center" class="fotter"> <span class="afoter"><font color="#808080"> <a href="/" title="Home">Home</a> | <a href="/aboutus/" title="About us">About us</a> | <a href="/services/" title="Services">Services</a> | <a href="/partners/" title="Partners">Partners</a> | <a href="/allevents/" title="Events">Events</a> | <a href="/client/login.aspx" title="Login">Login</a> | <a href="/contactus/" title="Contact us">Contact us</a> | <a href="/cookies/" title="Cookies Policy">Cookies Policy</a> | <a href="/privacy/" title="Privacy Policy">Privacy Policy</a> | <a href="/disclaimer/" title="Disclaimer">Disclaimer</a> | <a href="/terms/" title="Terms of Use">Terms of Use</a> | <a href="/rss/" title="RSS">RSS</a></font></span> </td></tr> <tr><td colspan=5 bgcolor="#f2f2f2" style="padding-bottom:2px;"></td></tr> <tr><td align="center"> <span class="fotter"><font color="gray"> US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575</font> </span> </td></tr> <tr><td colspan=5 bgcolor="#f2f2f2" style="padding-bottom:5px;"></td></tr> </td> </tr></table> </td> <td class="span4" align="center"><br />  <a href="https://twitter.com/acnnewswire" target="_blank"><i class="fa-brands fa-square-x-twitter fa-lg"></i></a>  <a href="https://www.facebook.com/acnnewswire" target="_blank"><i class="fa-brands fa-facebook-f fa-lg"></i></a>  <a href="https://www.linkedin.com/company/acnnewswire/" target="_blank"><i class="fa-brands fa-linkedin fa-lg"></i></a>  <a href="/rss"><i class="fa-solid fa-square-rss fa-lg"></i></a> </td> </tr> </table> <script src="https://kit.fontawesome.com/9e8b40900a.js" crossorigin="anonymous"></script> </td></tr> </table> <script type="text/javascript"> $(document).ready(function() { $("#single_1").fancybox({ helpers: { title : { type : 'float' } } }); }); </script> <script> (function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','https://www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-568736-5', 'auto'); ga('send', 'pageview'); </script> </body> </html>