SINGAPORE (May 30): Hiap Tong, the provider of lifting and transportation services in Singapore, saw FY16 earnings rise 4.4% to $2.28 million from $2.19 million a year ago.

Revenue rose 4.5% to $40.1 million as leasing income increased by 5.0% to $40.1 million due to an increase in the utilisation rate for the lifting and haulage fleet. But trading income fell by $0.1 million or 78.2% to $37,000 due to a lack of demand.

Hiap Tong says the business environment of the industry for the Singapore operation is expected to remain challenging and competitive for the next 12 months, given the current low oil prices which continues to affect some of its customers.

“The group will strive to compete for potential customers in other sectors and projects. As for the group’s trading business, it is expected to be weak for the current financial year as well. The group is currently exploring crane leasing opportunities in regional markets,” says Hiap Tong in its filing.

Shares of Hiap Tong last traded at 7 cents.